CSSC increases capital in Chengxi

Guangzhou: China State Shipbuilding Corporation (CSSC) has announced that the company has jointly injected RMB260m into CSSC-affiliated Chengxi Shipyard with Hong Kong Hualian Ship.

CSSC Chengxi Shipyard has been making a loss for several years, and CSSC has decided to increase capital in the subsidiary to ease its financial pressure, adjust asset structure and turn a loss into a profit.

CSSC will inject RMB228m into Chengxi and will hold a 25.3% share when the deal completed, while Hong Kong Hualian will inject RMB32 and bring its shareholding to 25.04%. [21/11/14]

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