Yanlord Land Group, citing factors driven by the “marketplaces”, has no intention to “intervene” to address the gap between its share price and net asset value.
The China-based, Singapore-listed developer was responding to questions from shareholders ahead of its AGM on April 28, including one which asked if the company is planning any “restructuring initiative” to narrow the “persistent” discount off its NAV.
As at Dec 31 2021, the company’s NAV was RMB17.75 per share, or $3.38. Yanlord shares closed at $1.21 on April 21, up 8.04% year to date.
Its 52-week-range was as low as $1.08 to as high as $1.44, representing a discount of 62 to 72% off its NAV.
The company’s chairman and CEO, Zhong Sheng Jian, is known to add to his stake buying from the market. He last bought in August 2021, paying $1.18 each to add around 1.9 million shares, bringing his total stake to nearly 72%.
“Yanlord has been adopting a prudent approach in its business strategy, and has been maintaining its healthy financial and liquidity position,” the company says.
Yanlord reminds shareholders that it has consistently declared and paid dividends. For the most recent FY2021, Yanlord plans to pay a final dividend of 6.8 cents per share. This amount has been maintained for the fifth consecutive year.
“The company will remain focus on enhancing its overall performance, profitability as well
as financial management.”
“The company will continue to explore opportunities to enhance and create shareholders’ value, amongst others, to ensure the fundamentals of its shares remain strong and sustainable,” Yanlord adds.
