Shanghai: As newbuild prices rise the leading Chinese private shipbuilder, Yangzijiang Shipbuilding, has decided to offload a series of non-core shipbuilding investments. The company said in a release to the Singapore Exchange that the move was “in line with the strategy to redirect attention from the non-core businesses into the core shipbuilding and its related businesses”.
Yangzijiang has sold its entire 50% stake in the registered capital of Wujiang Jinke Yangzi Real Estate Development for RMB200m. It also sold its 100% interest in metal trader , Jiangsu Leyuan Innovation International Trading for RMB10m.
In the final part of Yangzijiang’s triple pronged stoc announcement yesterday, the shipbuilding group said it was buying out Taixing Tongzhou Warehousing, a company whose core business is related to the provision of storage handling services for the shipyards of the group. “This investment is expected to shorten the production cycle of the shipyards,” Yangzijiang said in its release. [16/07/14]