China Ocean Shipbuilding forms joint venture in Zhoushan

Hong Kong: Hong Kong-listed China Ocean Shipbuilding announced that it has entered into a RMB508m joint venture agreement with two investment companies in Zhoushan to invest in shipbuilding and related ocean engineering business in the city.

The joint venture, Zhoushan China Ocean Investment Fund, will offer asset management services in shipbuilding and related sectors, and offer various related consultancy services.

China Ocean Shipbuilding will contribute RMB400m to get 78.7% equity of the joint venture. The other two investors Zhoushan Zhouyi Investment Management Partnership Enterprise and Zhoushan Marine Comprehensive Development and Investment will contribute RMB8m, RMB100m respectively.

“The joint venture can make use of the experience, expertise and connections of the aforesaid parties to make appropriate investment and establish a platform in Zhoushan for engaging in the shipbuilding and the ocean engineering industry,” the company said in the announcement. [07/08/14]

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