Greater ChinaShipyards
AVIC International Offshore acquires 60% equity in AVIC Zhenjiang Shipyard
Singapore: Singapore-listed AVIC International Maritime Holdings has announced that its wholly owned subsidiary AVIC International Offshore has entered into a conditional sale and purchase agreement with Catico Investments.
Under the agreement, AVIC International Offshore has agreed to acquire 60% share capital of AVIC Zhenjiang Shipyard Marine for $3.63m.
AVIC Zhenjiang Shipyard is a jv between Catico Investments and Jiangsu Zhenjiang Shipyard Group, which also entered into a jv with Singapore offshore operator Pacific Radiance in March.
Both AVIC International Offshore and Catico Investments are affiliate companies of AVIC Industrial Corporation of China.