KUALA LUMPUR (July 13): Shipping and shipbuilding company Shin Yang Shipping Corp Bhd’s shares will be traded under its new name of Shin Yang Group Bhd, effective from Friday (July 14).

“The stock number remains unchanged,” Shin Yang Shipping said in a bourse filing on Thursday.

Last week, it announced that its name change to Shin Yang Group took effect on July 4 after it received a notice of registration of the new company name from the Companies Commission of Malaysia.

The company obtained its shareholders’ nod for the name change in an extraordinary general meeting on June 30.

According to a circular dated June 8, Shin Yang Shipping said the name change is in line with its rebranding, restructuring and recapitalisation exercise to better reflect the group’s new corporate identity and entity.

“The group is moving forward for integrated expansion into more diversified business activities and brand-building,” it added.

For the third quarter ended March 31, 2023 (3QFY2023), Shin Yang Shipping’s net profit rose 49.6% to RM44.82 million from RM29.95 million a year earlier, as revenue rose 11.7% to RM234.84 million versus RM210.17 million previously. 

The stronger quarterly earnings were mainly due to the shipping segment’s 20.5% higher revenue of RM200.05 million, compared with RM166 million a year ago, on the back of improved utilisation rates.

Shin Yang Shipping’s sole substantial shareholder is major shareholder Shin Yang Holding Sdn Bhd with a 55.03% stake, owned by the Ling family.

At the time of writing on Thursday, shares in Shin Yang Shipping were up half a sen or 0.86% at 58.5 sen each, giving the group a market capitalisation of RM696 million.