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China Merchants taking over AVIC Maritime 

China Merchants is taking over AVIC International Holdings buying a 73.87% for SGD31.64m ($22.7m).

“Under the effects of international trade frictions and geopolitics factors, the global demand for new ships has fallen sharply. The shipbuilding industry will continue to face significant challenges in the short term. Therefore, the board decided to gradually withdraw from the shipping business,” AVIC Maritime said in a filing.

AVIC Maritime is incorporated in Singapore and is mainly engaged in shipbuilding project management and consultancy, design,engineering and ship-trading.

Upon completion of the deal, the shipping business of AVIC Maritime will be further downsized and the company will gradually withdraw from the shipping business.

AVIC International Holdings’ shipbuilding arm, AVIC Weihai Shipyard, was acquired by China Merchants in July this year, and officially became the subsidiary of China Merchants Group.

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