Chinese shipbuilding group Yangzijiang Shipbuilding has announced that it has acquired the remaining 40% equity in its subsidiary Huayuan Logistics.
Huayuan Logistics will now become a wholly-owned subsidiary of Yangzijiang.
Nanjing-based Huayuan Logistics is mainly involved in the leasing and chartering of vessels, and also owns cargo transportation company Shanghai Huayuan Shipping.
The total value of the transaction is RMB298.2m ($43.66m).
Yangzijiang says the acquisition is in line with the group’s strategy to re-diversify its offerings beyond its core shipbuilding business.
“The acquisition would support the existing business of the group positively. Further, the Group has constantly been seeking opportunities in sectors with good prospects for long-term growth to enhance its value proposition to its shareholders and customers,” Yangzijiang said in a release.