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Taiwanese government to sell majority stake in CSBC

Taiwanese government to sell majority stake in CSBC

Kaohsiung: The Taiwanese government has announced plans to sell more than 51% of state-run shipbuilder CSBC by the end of next year. The company, which was previously named China Shipbuilding Corporation, has two yards in Kaohsiung and Keelung and claims to produce approximately 2% of world ship tonnage.

The yard has only recently become a profitable enterprise, bouncing back from losses of $203m in 2000 as the result of a restructuring plan that involved laying off half of its employees and slashing salaries by 35% for those who remained. It is expected to post a net profit of $90m for 2007.

CSBC authorities have reported a number of inquiries for the purchase of the shares, although they have yet to release the names of the interested parties.  [15/05/07]