Yangzijiang Shipbuilding has entered into an agreement to spend RMB12m ($1.9m) for a 40% stake in a new subsidiary Jiangsu Zhuoran Yangzijiang Energy Equipment to enhance the group's steel fabrication capability, Seatrade Asia online reports.
Partners for the new subsidiary include Shanghai Zhuoran Engineering and Zhuoran Jinjiang Equipment Manufacturing, which will each invest RMB9m for a 30% stake.
“The investment is in line with the group's strategy to diversify its offering beyond its core shipbuilding business and it can supplement the existing group's business positively,” Yangzijiang said.
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