Shanghai Bestway to acquire Jiangsu ship equipment firm for $212m

Shanghai Bestway to acquire Jiangsu ship equipment firm for $212m

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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