Upon the completion of the deal, Bohai Shipbuilding Industry will become a wholly-owned subsidiary of DSIC.
CSIC stated that the merger between DSIC and Bohai Shipbuilding Industry is in line with the long-term development strategy of the company. It said it would optimize the company’s asset structure and reduce overcapacity.
Since the start of this year, three subsidiaries of DSIC have been declared bankruptcy, including Dalian Shipbuilding Industry Marine Services, DSIC Steel Engineering Co, and DSIC Offshore.
Read more: Two DSIC companies file for bankruptcy