Hong Kong firm eyes takeover of major Chinese shipyard

Hong Kong: Lucky Creation Limited, the second largest shareholder of Hong Kong listed Burwill Holdings, an international steel trader, is looking to take over a shipyard in China, and currently the company is in negotiations with a number of private shipyards in China, the Hong Kong Economic Journal has reported.

According to Zhu Ming, executive director of Lucky Creation, the company plans to transform the business of the shipyard it is going to acquire, and it is currently working on different feasibility studies. One of them is to become a contractor to the PLA Navy, while the company is also interested in the offshore market. Kaili Group, a Chinese company with a military background, acquired 5.91% equity in Burwill Holdings last year.

Zhu revealed that one of the shipyards that the company is talking to is one of the five largest shipbuilding companies in the world. [04/03/14]

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