Shanghai Bestway Marine Engineering has announced that the company has decided to dissolve subsidiary Nantong Bestway Ruida Ship Technology and sell a 51% stake in Shanghai Bestspace Environmental Engineering Design.
The company said the move is to optimize the company structure and lower operating expenses.
Shanghai Bestway said it has already suffered a loss of RMB974.2k ($149.7k) for the first two months of 2016, greater than its reported RMB920.8k ($141.5k) annual loss in 2015.
Currently more than half of Shanghai Bestway’s revenue is contributed by its EPC business, and the company has been looking to diversify its business amid the doldrums in the shipbuilding and offshore sector.
The company said it is making efforts to develop a green propulsion industrial chain, after it acquired Shanghai Walking LNG Utilization Company in 2014.