Greater China

AVIC to offload equity in Taizhou CATIC Shipbuilding

Shanghai: Aviation Industry Corporation of China (AVIC) announced that its subsidiary AVIC International Beijing has listed its 45% equity in Taizhou CATIC Shipbuilding for sale on the Beijing Equity Exchange. The listing price is RMB91.81m.

Taizhou CATIC Shipbuilding is jointly invested by AVIC International Beijing (45%), Taizhou Kouan Shipbuilding (44%) and Jiangsu Baochuan Investment (11%) in 2007 with a registered capital of RMB200m.

Taizhou CATIC Shipbuilding currently has a total liability of RMB2.15bn and it suffered a net loss of RMB237m by the end of November.

AVIC Group currently runs three shipbuilding bases including AVIC Weihai Shipyard, AVIC Dingheng Shipyard and Taizhou CATIC Shipbuilding. [29/12/14]

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