ABG Shipyard discussing selling a stake to Privinvest

ABG Shipyard discussing selling a stake to Privinvest

Mumbai: The backers of financially troubled ABG Shipyard may sell a stake to Privinvest Holding, a filing to the Bombay Stock Exchange confirmed today.

The Beirut-headquartered naval and commercial shipbuilder has issued ABG with a firm expression of interest, the shipyard said.

“We are in discussion with them for a strategic stake sale,” ABG said in the filing. India’s largest private shipyard has been in a debt workout scheme for a couple of years.

Privinvest Holding owns Nobiskrug and ADM Kiel shipyards in Germany; Hellenic Shipyards in Greece, the CMN yard in France and Logistics International SAL ADM Shipyards in the UAE.

ABG missed payments to some banks last month, putting further pressure on the yard. Its share price has dropped 43% in the last 12 months.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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