Comec gets $6m in state grants for high-tech equipment projects

Two subsidiaries of CSSC Offshore & Marine Engineering (Comec) have received Chinese government grants totalling RMB41.59m ($6.04m) to undertake projects on developing high-tech equipment.

Guangzhou Shipyard International (GSI) was granted RMB13.03m of state funds and CSSC Huangpu Wenchong Shipbuilding Company received RMB28.56m in grants.

The state subsidies were approved by the Industry and Information Technology Commission of Guangzhou Municipality and the Ministry of Industry and Information Technology.

Hong Kong and Shanghai-listed Comec pointed out that the grants would have an impact on the group’s profit and loss for its current financial year.

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Posted 14 December 2018

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Lee Hong Liang

Asia Correspondent

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