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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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