Greater China

GSI shareholding changes in wake of Longxue takeover

Guangzhou: Guangzhou Shipyard International (GSI) has announced that the company has raised a $364m from a share subscription to the three shareholders of Longxue Shipyard.

China State Shipbuilding Corp (CSSC) and its subsidiary in Hong Kong, Baosteel Resources and China Shipping Hong Kong totally control around 60% stakes of GSI after the subscription.

Due to the limited land resources, GSI cannot build large-sized ships, and the Hong Kong-listed company aims to purchase Longxue to increase its production capacity as well as pushing ahead with streamlining, something CSSC has promoted across all its yards.

GSI decided to purchase Longxue in June last year, and the plan was approved in November 2013. [12/02/14]

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