Yangzijiang Shipbuilding to Acquire Jiangsu Zhongzhou

20 December 2010 (Last Updated December 20th, 2010 18:30)

China-based Yangzijiang Shipbuilding will spend CNY420m ($63m) to acquire Jiangsu Zhongzhou Marine Equipment. The purchase price is 1.2 times more than Jiangsu's net asset value of CNY351m ($52.6m) as of 10 December 2010. Yangzijiang said it will complete the acquisition through

China-based Yangzijiang Shipbuilding will spend CNY420m ($63m) to acquire Jiangsu Zhongzhou Marine Equipment.

The purchase price is 1.2 times more than Jiangsu’s net asset value of CNY351m ($52.6m) as of 10 December 2010.

Yangzijiang said it will complete the acquisition through its subsidiary, Yitian Investments.

Jiangsu Zhongzhou Marine Equipment, which has a registered capital of CNY240m ($36m), owns shipbuilding facilities of 350,000m2 yard space.