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Goldman Sachs bags a slice of upcoming Chinese shipbuilder

Goldman Sachs bags a slice of upcoming Chinese shipbuilder

Shanghai: GS Phereclus Holdings, a wholly owned unit of US-based Goldman Sachs, has acquired a 20% stake in shipbuilder Yangfan Group of China for US$50 million.
This is another move of the US company in China's shipbuilding industry. It purchased a stake in Chinese shipbuilder Jiangsu Rongsheng Heavy Industries Group Co., Ltd for US$250 million in November 2007.
The global investment banking and securities firm will help the Zhoushan-based shipbuilder to go public as early as possible.
The shipbuilder has two manufacturing bases, one on the Lujiazhi Island in Putuo District of Zhoushan City of East China's Zhejiang Province and the other on the Mayi Island of the city. The base in the Mayi Island, which was put into production at the end of 2007, has an annual manufacturing capacity of 320,000 tons and annual production value of CNY 4 billion.
The shipbuilder, which was bought by a steel tycoon Zhang Zhixiang, chairman of Jianlong Iron and Steel Holdings Co., Ltd., in August 2007, will form its own shipping fleet with 100 100,000DWT-170,000DWT ships as well as focus on shipbuilding and ship accessories manufacturing. [11/01/08]

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