Singapore-listed Yangzijiang Shipbuilding, China’s largest private shipbuilder, has entered into a sale and purchase agreement with Sanfu Shipbuilding Holdings to purchase the remaining 20% stake in Jiangsu Yangzi Xinfu Shipbuilding for RMB650m ($100m).
“The further acquisition signifies a huge investment in one of Yangzijiang’s key business units and in our existing major shipyard. The acquisition is also expected to be earnings accretive for the Group and is part of our continuous efforts to enhance long-term growth prospects and shareholder value,” Ren Letian, executive chairman and CEO of the group, said.
Yangzijiang operates a total of three yards along the Yangtze River. It has enjoyed a highly successful marketing year to date with many orders locked in.