Privately-owned Yangzijiang has disposed of an entire 40% equity interest in steel fabrication firm Jiangsu Zhuoran Yangzijiang Energy Equipment Co at a consideration of RMB12m ($1.9m).
The shipbuilder said the move would “help to streamline the group’s structure to control the overall administrative expenses effectively.”
Yangzijiang has also acquire an additional 24% equity interest in Jiangsu New Yangzi Gas (JNYG) with RMB12.6m, adding on to its existing 51% stake. It said the move would “assist the group to gain further control and profit shares in JNYG since JNYG is a major gas supplier for the yards in China.”
In other deals, Yangzijiang has through its 60% owned subsidiary Barber-CS Marine Technology (Shanghai) Co subscribed for 100% equity interest in the share capital of JJBC, thereby making JJBC a 60%-owned subsidiary of the group. JJBC’s core business is in the provision of detail and production design for a wide range of merchant ships.
Yangzijiang has also subscribe for 20% equity interest in Nanjing Saining Equity Investment Enterprise (NSEIE) at a consideration of up to RMB20m to make it an associated company of the group.
The core business of NSEIE is related to investment in big data and other emerging industries to support the development of these emerging industries.
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