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Yangzijiang Shipbuilding (Holdings) Ltd Announces Acquisition Of Remaining 49% Equity Interest In Jiangsu Yangzi Changbo Shipbuilding


Thursday, 4 Jul 2013 05:13am EDT 

Yangzijiang Shipbuilding (Holdings) Ltd announced that it has acquired the remaining balance of 49% of the equity interest in the capital of Jiangsu Yangzi Changbo Shipbuilding Co., Ltd. (JCSC), of which 25% of the equity interest in JCSC was acquired by the Company directly, and the remaining 24% of the equity interest in JCSC was acquired by its wholly owned subsidiary, Jiangsu Yangzijiang Shipbuilding Co. Ltd (JYSCO). Prior to the acquisition, the Company was holding 51% of the equity interest in the registered capital of JCSC. Following the Acquisition, JCSC will become a wholly owned subsidiary of the Company. The total consideration for the Acquisition is RMB110,000,000. The amount of the investment was arrived at after an arms’ length negotiations on a willing buyer willing seller basis and taking into account, inter alia, the net book value of RMB286,098,601 of JCSC as at December 31, 2012. 

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