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Yangzijiang Shipbuilding (Holdings) Ltd's Subsidiary Acquires Of Remaining 40% Of Shanghai Henggao Ships Design Co Ltd; Subsidiary Acquires Additional 20% Of Jiangsu Yangzi Xinfu Shipbuilding Co Ltd

Tuesday, 5 Feb 2013 04:37am EST 

Yangzijiang Shipbuilding (Holdings) Ltd announced that the Company had through its wholly owned subsidiary, Jiangsu New Yangzi Shipbuilding Co., Ltd. has acquired the remaining balance of 40% of the equity interest in the capital of Shanghai Henggao Ships Design Co., Ltd. Prior to the acquisition, the Company was the indirect holder of 60% of the equity interest in the registered capital of Henggao. Following the Acquisition, Henggao will become a wholly-owned subsidiary of the Company. Henggao is a company registered in the People’s Republic of China, it is engaged in the detail and production design for a wide range of merchant ships. The total consideration for the Acquisition 1 is RMB6,000,000, which represents 40% of the paid up capital of Henggao. This investment is expected to further enhance the return of the Group’s assets and shareholders’ value. The Company announced that it had through its wholly owned subsidiary, New Yangzi, has acquired an additional 20% of the equity interest in the capital of Jiangsu Yangzi Xinfu Shipbuilding Co. Ltd (the Acquisition 2). Pursuant to the Agreement entered into with the existing shareholders, the total consideration for Acquisition 2 is USD180,00,000, which is equivalent to 20% of the paid up capital of Xinfu Yard. Following the Acquisition 2, the Company shall beneficially hold 80% (both directly and indirectly) of the total equity interest of the registered capital of Xinfu Yard. 

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