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AVIC hands over Weihai Shipyard to China Merchants

AVIC weihai shipyard (002)
AVIC International Holdings has completed the deal to sell AVIC Weihai Shipyard to China Merchants Group.

All the effective conditions set out in the shipyard equity transaction agreement have been fulfilled, and the 60.77% equity interest in the shipyard has been transferred to China Merchants.

With the completion of the Weihai Shipyard deal AVIC no longer holds any equity interest in the yard.

“Under the effects of international trade frictions and geopolitics factors, the global demand for new ships has fallen sharply, the stable and healthy development of the shipbuilding industry will continue to face significant challenges in the short term,” said AVIC.

Currently, the company is moving to gradually withdraw from the shipping business. Last month, the company disposed 73.87% shares of AVIC Maritime to China Merchants as a part of its plan to downsize the maritime business.

Read More: China Merchants taking over AVIC Maritime