Yangzijiang to acquire remaining 40% equity interest in CS Marine Technology

SINGAPORE (May 20): Yangzijiang Shipbuilding, one of China’s biggest shipbuilders, has entered into a sale and purchase agreement to acquire the remaining 40% equity interest in the registered capital of CS Marine Technology (CSMT).

Yangzijiang acquired 60% of equity interest in CMST at RMB 5 million ($1.05 million) back in 2011. Upon completion of the upcoming transaction, CMST will officially become a wholly-owned subsidiary of the group.  

In a statement released on Friday, Yangzijiang’s board of directors said it believes the acquisition will contribute to its earnings growth and provide an alternative source of income from ship design to complement the existing shipbuilding business, amongst other benefits.

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