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Yangzijiang acquires compatriot marine equipment supplier

Photo: Yangzijiang Shipbuilding Yangzijiang yard.jpg
China’s Yangzijiang Shipbuilding has made a 100% acquisition of a compatriot newly incorporated marine equipment supplier.

Yangzijiang’s indirect wholly-owned subsidiary Jiangsu New Yangzi Shipbuilding will subscribe for 100% equity interest in the share capital of Jiangsu Tianhong Marine Import and Export Co (TianHong).

Financial details of the deal were not disclosed.

“The incorporation of TianHong is funded through internal resources and is not expected to have any significant impact on the earnings per share and net tangible assets per share of the group for the financial year ending 31 December 2021,” Singapore-listed Yangzijiang stated.

Jiangsu Province incorporated TianHong provides services to shipbuilders to facilitate the purchase of shipping related marine equipment as well as the sale and export of vessels.

Yangzijiang had announced a strong start to the new year, as the shipyard secured new orders for 29 vessels worth $1.3bn between 1 January to 8 February 2021.The Chinese shipbuilder expects current orderbook to keep its facilities busy for at least two years.

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