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Yujin International Goes to London

If there’s one thing that’s receded into the distant past, it’s the boom of shipping IPOs. A product of highly liquid capital markets and robust shipping markets, those days already command a bit of nostalgia even as we pay dearly for their excesses. As large operations with major ships plied the major international exchanges, a few smaller deals got through, most notably on the London AIM (Alternative Investment Market). One of these has already been privatized but a couple quietly remain.

It was rather unexpected, however, to see Singapore-based bunkering company Yujin International announce admission to the London AIM this month in a deal organized by nominated advisor and broker Seymour Pierce.

The company listed with 30,000 shares priced at GBP 0.33 each, making its total market capitalization after expenses just shy of GBP 10 million. Of this amount, Company Director and Joint Managing Director Captain Joseph Ting Siew Chiong holds 18%, while Company Director and Joint Managing Director Captain Liew Chin Chyeholds another 18%. Non-Executive Chairman Lee Keen Whye and Company Director and CFO Lim Kay Yi Bernard hold another 2.92%, while primary shareholder Kavita Capital holds 51.3%. You don’t need a calculator to tell you this doesn’t leave much in public hands – less than 10% or GBP 1 million.

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