CSIC Plans to Restructure Assets

17 May 2010 (Last Updated May 17th, 2010 18:30)

China Shipbuilding Industry Company is planning to take over the shipbuilding and equipment operations of its parent China Shipbuilding Industry Corporation (CSIC) under an asset restructuring plan. CSIC vice-president Qian Jianping said the group would transfer its shipbuilding assets

China Shipbuilding Industry Company is planning to take over the shipbuilding and equipment operations of its parent China Shipbuilding Industry Corporation (CSIC) under an asset restructuring plan.

CSIC vice-president Qian Jianping said the group would transfer its shipbuilding assets to China Shipbuilding Industry Company in the future.

Industry experts believe the parent company will shift Dalian Shipbuilding Heavy Industry, Bohai Shipbuilding Heavy Industry or smaller yards to the listed firm, according to lloydslist.com.

In 2009 equipment manufacturing contributed CNY12.4bn ($1.8bn) in revenue, representing 88% of China Shipbuilding Industry Company’s total revenue.

CSIC has 97 subsidiaries, including Dalian Shipyard, Bohai Shipyard, Wuchang Shipyard and Shanhaiguan Shipyard.