Greater ChinaShipyards
China Merchants acquires Hanjin stake in Zhejiang Eastern Shipyard
China Merchants Group has acquired a 34% stake of Zhejiang Eastern Shipyard (ZESCO) in a court-led auction for RMB171m ($26.8m).
The equity was owned by bankrupt South Korean company Hanjin Shipping.
Following the completion of deal, China Merchants will hold 54% stake in ZESCO and become the controlling shareholder of the yard.
ZESCO was originally established in 2007 by Hanjin Shipping and Qingdao Shunhe Shipping as a 50/50 joint venture, mainly offering ship repair and conversion.