GSI finishes Longxue takeover

Guangzhou: Guangzhou Shipbuilding International (GSI) announced that it has completed the deal with CSSC Group, Baosteel Group and China Shipping Group for the acquisition of shares in Guangzhou Longxue Shipbuilding. GSI now holds 100% equity in the company.

Longxue Shipbuilding is one of the largest shipbuilders in south China, with an annual shipbuilding capacity of 3.5m dwt.

GSI president Han Guangde said earlier that GSI will gradually move its base to Longxue Shipbuilding to expand its shipbuilding capacity. [17/06/14]

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