This is after receiving “critical information” that the buyer’s sole shareholder was allegedly involved in a scheme to circumvent US sanctions laws and regulations
[SINGAPORE] Shares of Yangzijiang Shipbuilding fell on Monday (Sep 29) after news of the Chinese vessel maker’s termination of US$180 million worth of contracts.
As at 11.58 am, the counter hit S$3.06, 6.7 per cent or S$0.22 down from Friday’s closing price of S$3.28, with around 31.7 million shares changing hands.
By 2.06 pm, it recovered to S$3.16, still down 3.7 per cent or S$0.12, with 40.1 million shares transacted. It was one of the top traded stocks on the Singapore Exchange by volume.
In a Sep 27 statement, Yangzijiang Shipbuilding said three of its subsidiaries had cancelled shipbuilding contracts worth around US$180 million with an unnamed buyer.
The units cancelled the contracts after receiving “critical information” that the buyer’s sole shareholder was allegedly involved in a scheme to circumvent US sanctions laws and regulations.
