Shanghai Bestway Marine Engineering Design has announced a major restructuring plan, in which it will spend RMB1.355bn ($212m) to acquire 100% equity in Jiangsu Taizhou Jinhaiyun Shipping Equipment through a cash payment and the issuing of new shares.
Shanghai Bestway said the deal would help the company enter ship equipment manufacturing and the military vessel sector and create synergy with its ship design and EPC business.
The company has suspended stock trading since March to work on the deal. It reported a net profit of RMB20.7m ($3.23m) for the first half of 2015, up 4.01% year-on-year.
