CSIC maps out DSIC and WSIC share sale plan

CSIC maps out DSIC and WSIC share sale plan

China Shipbuilding Industry Corporation (CSIC) has announced a detailed plan to sell part of its stakes in two fully owned yards – Dalian Shipbuilding Industry (DSIC) and Wuchang Shipbuilding Industry (WSIC).

Last month, state-run CSIC announced its intention to sell shares in the two yards and confirmed that it has been negotiating with a number of institutional investors for the deal.

Under the plan, eight strategic investors will invest up to RMB21.87bn ($3.28bn) in total into DSIC and WSIC with debt and cash.

The eight investors are China Cinda Asset Management, China State-owned Capital VC Fund, China Structural Reform Fund Corporation, China Orient Asset Management, China Life, Huabao Trust, China Merchants Pingan Asset Management and Guohua Military-Civilian Integration Development Fund.

Following the completion of the share sale, CSIC’s shareholdings in DSIC and WSIC will be diluted to 57.01% and 63.85% respectively.

CSIC said the deal is part of the group’s debt-to-share restructuring plan and a response to the central government’s supply-end reform policy.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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