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China Ocean Industry Group selling 60% stake in Nantong Huakai Heavy Industry

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China Ocean Industry Group disposing of a 60% equity interest in Nantong Huakai Heavy Industry Company at a price of RMB20m ($2.88m).

The group is selling its 60% stake so it can reallocate resources to other existing businesses under the pressure from shipbuilding sector.

Nantong Huakai Heavy Industry, incorporated in 2007, is principally engaged in manufacture and sales of steel structures and fittings for ship, marine equipment, mining equipment, ro-ro equipment and bridge.

Upon the completion of the deal, China Ocean Industry Group will still hold a 40% stake equity of Nantong Huakai Heavy Industry.

China Ocean Industry Group said that the continued downturn in the global shipping and shipbuilding industries have brought tremendous pressure to the group’s shipbuilding business and affected other business.

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