Yangzijiang Shipbuilding buys another yard

Singapore: Yangzijiang Shipbuilding (Holdings) Ltd, a Singapore and Taiwan-listed shipping service provider, said it will spend RMB 420m to acquire entire equities of Jiangsu Zhongzhou Marine Equipment Co Ltd.?The purchase price is 1.2 times more than the target firm's net asset value of RMB 351m as of December 10.?The buyer said it will complete the acquisition through a wholly-owned subsidiary Yitian Investments Pte Ltd and will pay RMB 200m in cash within seven days after the completion of the acquisition.?The remaining RMB 220m will be paid 180 days later, but no payment method was given.?Based in Jingjiang of Jiangsu Province, Jiangsu Zhongzhou Marine Equipment, which has a registered capital of RMB 240m, owns shipbuilding facilities of 350,000-square meter yard space and 430-meter deep water coast line.?The firm's net profit for the first eleven months of this year totaled RMB 49.37m.  [20/12/10]