News

Shipping & Marine

Staff Reporter

, Singapore

Published:

9 years ago

Yangzijiang sells its 20% stake in associate firm for $6m

Will there be a significant impact on its earnings?

Yangzijiang Shipbuilding disposed of its 20% equity interest in the share capital of Jiangsu Hailan Marine Systems Technology (JHMST) for S$6 million (RMB29.5 million).

According to Yangzijiang, JHMST is a China-registered company with a registered authorised share capital of RMB100 million, dealing with integrated marine electrical system.

The sellout was done through Yangzijiang’s wholly-owned subsidiary, Jiangsu New Yangzi Shipbuilding.

“The consideration was arrived at after arms’ length negotiations on a willing buyer willing seller basis and taking into account, inter alia, the paid up capital and the net book value of JHMST based on the financial statement as at 30 June 2016,” Yangzijiang explained.

The group also claims the disposal of investments in JHMST will not have any significant impact on the company’s earnings per share and net tangible assets per share for the current financial year ending 31 December 2016.

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