To The Moon

THE following companies saw new developments that may affect trading of their securities on Thursday (Jun 9):

YANGZIJIANG Financial Holding is buying back up to S$200 million worth of shares after shareholders voted in favour of a share buyback mandate.

The company, a spin-off from Yangzijiang Shipbuilding, held an extraordinary general meeting on Wednesday (Jun 8) to seek shareholders’ approval for the company to adopt a mandate to allow the company to buy back up to 10 per cent of its own issued ordinary share capital.

Up to 395 million shares may be purchased by the company under the programme, the company announced in an exchange filing after the meeting. It added that the current intention is for any share repurchased via the programme to be held as treasury.

ASPEN Glove is planning to significantly scale down its operations, the group said on Wednesday (Jun 8) night.

This comes amid increasing headwinds for the medical glove market, and as the glove maker expects further margin compressions from falling average selling prices and rising production costs.

Aspen noted that the medical glove market is facing reduced demand amid the easing of Covid-19, high inventory levels, heightened competition, global supply chain challenges, higher shipping and logistics costs, high inflation and a continuous decline in average selling prices.

LITHIUM-ION battery manufacturer EoCell, an associate of Asti Holdings, has entered into a non-binding letter of intent with an unnamed publicly-traded special-purpose acquisition corporation (SPAC) for a potential combination.

If a definitive agreement is reached after negotiations, and the business combination is completed, it is expected that the SPAC will acquire EoCell by reverse triangular merger, or by a similar structure mutually agreed by the parties; the shareholders of EoCell will become shareholders of the SPAC, said Asti, a watch-listed semiconductor manufacturing services company, in an exchange filing on Wednesday (Jun 8).