Shanghai: China’s state run shipbuilding giant China State Shipbuilding Corporation (CSSC) is integrating its shipbuilding assets in Shanghai by adjusting shareholdings of the three affiliate shipyards in Shanghai.
CSSC has announced that Waigaoqiao Shipbuilding is going to sell its 14% equity share in Jiangnan Changxing Shipbuilding to Hudong Zhonghua Shipbuilding, adding to the 51% it sold to Hudong Zhonghua in 2013.
After the transaction, Hudong Zhonghua will hold 65% equity shares in Jiangnan Changxing, while Baosteel holds the remaining 35%.
CSSC said the move is to optimize its shipbuilding assets and support Waigaoqiao to diversify its shipbuilding business.
According to CSSC, Waigaoqiao has been looking for opportunities in the LNG, cruise and offshore markets.
CSSC reported a net profit of RMB44.18m ($7.06m) for the year 2014, 11.77% up on the 2013 result.