The wholly-owned Jiangsu Runzhou Heavy Industry, incorporated in 2014, is engaged in the preparation, coating and painting of steel surfaces.
“It is in the best interests of the company to approve the dissolution of Jiangsu Runzhou Heavy Industry to streamline the group structure and control the overall administrative expenses,” Singapore-listed Yangzijiang stated.
The group added that this will not have any significant impact on its earnings for the financial year ending 31 December 2016.
Chinese shipbuilders are currently going through a severe industry slump, and privately-owned Yangzijiang has taken steps to diversify away from its core shipbuilding business,
The group has entered into financial investments to generate an alternative source of income.
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