Guangzhou: Guangzhou Shipyard International (GSI) announced that it has started relocation work at the request of Guangzhou government.
GSI completed the takeover of Guangzhou Longxue Shipbuilding in June this year and has been planning to relocate its shipbuilding base to Longxue in order to get more shipbuilding capacity.
Meanwhile, GSI has started to sell some of its assets on the equity exchange market, including some real estate properties and full equity of its subsidiary Guangzhou Jinzhou Ship Technology.
GSI said the disposal of inefficient assets will help streamline its core business and increase working capital of the company. [22/09/14]