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Yangzijiang takes majority stake in Jiangsu Changbo

Yangzijiang takes majority stake in Jiangsu Changbo

Jiangsu: Yangzijiang Shipbuilding is on the expansion trail taking a 51% stake in another Chinese yard. Singapore-listed Yangzijiang has bought a majority holding in Jiangsu Changbo Shipbuilding (JCSC) located 5km from its Jiangsu New Yangzi Shipbuilding yard. JCSC currently has an outstanding order book worth $338m comprising 20 vessels that are contracted to be delivered between the second half of 2010 and mid of 2012. "This recent acquisition will be a value-add for the Yangzijiang Group based on the compelling price of acquisition and on the yard's strategic location and proximity to the Group's existing yards. Moreover, this new yard will serve as an alternative production area to our old yard in building small sized vessels," said Ren Yuanlin, chairman of Yangzijiang. [29/06/10]

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