Yangzijiang disposes of non-core businesses
Time：2014-07-17
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Yangzijiang revealed that it has disposed its entire 50% equity interest in Wujiang Jinke Yangzi Real Estate Development to receive RMB200m.
The Chinese shipbuilder also sold its entire 100% stake in Jiangsu Leyuan Innovation International Trading for a price of RMB10m.
Singapore-listed Yangzijiang said the recently completed restructuring exercises are “in line with the strategy to redirect attention from the non-core businesses into the core shipbuilding and its related businesses.”
The Chinese yard, meanwhile, also announced that it has subscribed for 100% equity interest in the share capital of Taixing Tongzhou Warehousing, which provides storage handling services.
“This investment is expected to shorten the production cycle of the shipyards of the group through better managed storage handling processes so as to improve the group’s profitability,” Yangzijiang said.