Yangzijiang partners MEX-EC, Mitsui to construct commercial vessels

SINGAPORE (Oct 11): Yangzijiang Shipbuilding announced that it has entered into a joint venture (JV) agreement with MEX-SC and Mitsui to expand its customer base with diversified vessel types and new areas of shipbuilding business.

The trio will set up a JV company, which will have a registered share capital of up to US$99.9 million ($138 million), while the total capital expected to be employed could amount to US$299 million.

Yangzijiang will hold a 51% stake in the JV company, which will focus on the construction of a wide range of commercial vessels. It will have its production base at Yangzijiang’s existing Taicang yard in Jiangsu, China, and is expected to commence operations in April 2019.

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