State-run construction company Anhui Construction Engineering Group is considering taking over paralyzed Dongfang Shipbuilding’s yard assetss in Zongyang, Anhui, according to local media.
Dongfang Shipbuilding used to run two shipbuilding bases in Wenzhou, Zhejiang and Zongyang, Anhui, with its Anhui yard the largest shipyard in the province. It was listed on London Stock Exchange in 2011 and delisted from the exchange in 2012 owing to a financial crisis.
The yard suspended shipbuilding operations in 2012 and has commissioned business advisory firm FTI Consulting to look for new investors to restructure its assets. Several ships under construction at the yard were auctioned by courts to repay debts.