Mainboard-listed JES International Holdings Limited has appointed a new CEO, Ms Audrey Jin, as Mr Jin Xin has stepped down as Chairman and CEO with effect from 16 March 2015 to concentrate on the operations of the business in China.
Prior to the appointment of CEO, Ms Jin was the Deputy CEO of JES. As informed, Mr Jin Xin will remain an Executive Director of the Company.
“The restructuring of the group’s subsidiaries in China requires close supervision. Mr Jin Xin has stepped down as Chairman and CEO to devote more time to ensure the successful restructuring of the affected subsidiaries and operations in China,” said Jin.
JES also announced that a local Chinese bank has extended new banking facilities to its wholly-owned subsidiary, Jiangsu New Eastern Marine Equipment (NEME) and agreed to provide adequate financing facilities to NEME’s on-going and future projects.
NEME is on the “white list” of the Chinese government and the entity which has secured the group’s latest shipbuilding contracts and option worth about USD 1 billion.
JES is in the midst of identifying and appointing a corporate finance advisor to assist it with the restructuring process of restructuring its subsidiary Jiangsu Eastern Heavy Industries shipyard (JEHI).
JEHI has filed an application for debt and liabilities restructuring at Taizhou Intermediate People’s Court.
“The restructuring exercise is a necessary step to bring all the subsidiaries’ businesses back to profitability. With the strong supports of local government and professionals, we hope to complete the restructuring as soon as possible,” added Jin.