Yangzijiang Financial (SGX:YF8) entered into share sale and purchase agreements to divest its entire treasury shareholding of 193,527,600 at SG$0.72 per share to Merlion Quay Capital and Operie Capital, according to a filing with the Singapore Exchange on Sunday.
The purchasers include six senior employees of the group and two investors, the filing said.
The placement price represents a 111% premium to the average buy-back cost.
The deals are expected to be completed by June 26, the filing added.
The divestment will raise gross proceeds of about SG$139.3 million, which will used for core maritime investments.
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