GSI unveils new name and scope

GSI unveils new name and scope

Guangzhou: Shanghai and Hong Kong dual listed Guangzhou Shipyard International (GSI) is to change the company’s name to CSSC Offshore and Marine Engineering (Group) Company and extend its business scope with more marine-related services.

The company is to complete the A share issuance and cash purchase of the related shipbuilding assets in recent, and to develop to be the world leading builder of the liquid cargo vessels and the largest producer of military and auxiliary vessels in China, said GSI.

The shipyard gained approval to purchase the assets of Guangzhou Wenchong Shipyard and Yangzhou Kejin Shipyard earlier this month, at a consideration of RMB4.527bn ($725.8m) and RMB968m ($156.1m) respectively.

China State Shipbuilding Corporation (CSSC), the parent company of GSI, will increase its shareholding in the yard when the restructuring plan is complete to further improve GSI’s positioning in southern China.

Katherine Si

Having majored in English Katherine started out at news portal ShippingChina.com where she rose to become News Editor. In 2008 she moved to work with Sam Chambers and has since held numerous positions including China correspondent for Seatrade magazine. Katherine is in touch with Chinese owners and yards on a daily basis and has had many prestigious news scoops reporting China’s fast evolving maritime scene.

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