Yangzijiang Financial Holding (YZJFH), the investment arm of Mainboard-listed Yangzijiang Shipbuilding (Holdings), will be added to the benchmark Straits Times Index (STI), the FTSE ST Mid Cap Index, FTSE ST China Index and FTSE ST All-Share Index.

Following the spin-off and listing of YZJFH, Yangzijiang Shipbuilding will remain in the STI with the same investable weight.

When it starts trading on April 28, YZJFH will be added to the STI with the same investable weight as its parent company.

The constituents in the index will be ranked by their full market capitalisation on April 28. The smallest constituent in the STI will then be removed from the index effective May 5.

ComfortDelGro (CDG) is currently the smallest constituent in the index with a weightage of 0.6%.

On April 18, shareholders of Yangzijiang Shipbuilding voted overwhelmingly in favour of the proposed spin-off during the group’s extraordinary general meeting (EGM) with an approval rate of 100%.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/company-news/thaibev-subsidiary-incorporates-wholly-owned-investment-holding-subsidiary-hong?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>ThaiBev subsidiary incorporates wholly-owned investment holding subsidiary in Hong Kong</a></b></span>

The last day to trade shares in Yangzijiang Shipbuildingon a cum-distribution basis will be on April 21. April 22 will be the last day where shares of Yangzijiang Shipbuilding trade on an ex-entitlement basis. April 27 is where shareholders will receive their distributions.

YZJFH will begin trading at 1pm on April 28.

Ren Letian, executive chairman and CEO of the group, says, “We are encouraged by the overwhelming support from our shareholders with regards to the spin-off and listing of Yangzijiang Financial Holding. This is also an affirmation that our shareholders and investors see deep value in both Yangzijiang Shipbuilding and YZJFH and we look forward to their support post listing of YZJFH. We will continue to strengthen our competitive advantages and seek specialized growth for both entities to ensure sustainable returns for our shareholders.”

As at 1.07pm, shares in Yangzijiang Shipbuilding are trading 7 cents lower or 4.38% down at $1.53.

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