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GSI to buy shipyard from CSSC

Shanghai: Guangzhou Shipyard International (pictured) has agreed to buy Guangzhou Wenchong Shipbuilding from its parent company China State Shipbuilding Corp for Rmb3.04 billion ($443.8m) as part of an internal reorganisation, reports The Standard.

"The acquisition will enable us to enjoy a bigger market share and greater bargaining power," GSI president Han Guangde said yesterday. "The deal will also create synergies by allowing the company to optimize deployment of human resources and utilisation of production facilities, as the production bases of Wenchong and the company are in close proximity."

The acquisition will be financed by a rights issue, on the basis of 3 rights shares for every 10 existing shares of Guangzhou Shipyard. [06/08/08]

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