Chinese shipbuilder gets a restructure
China Shipbuilding Industry Corporation (CSIC) has established a new marine propulsion facility in Qingdao as part of a restructuring exercise.
The Qingdao facility will have functions in research and development, equipment manufacturing and sales.
This new facility follows a year-long consolidation exercise by CSIC of its marine propulsion companies.
It follows the decision by the shipyard to sell part of its stakes in two fully owned shipyards Dalian Shipbuilding Industry (DSIC) and Wuchang Shipbuilding INdustry (WSIC).
Eight Chinese investment funds will buy RMB21.87Bn ($3.28bn) into the yards with CSIC's shareholdings being reduced to 57.01% and 63.85% respectively, upon completion.
Apparently, the deal is part of a group debt to share restructure, plus the government's supply end reform policy.
Since last year, CSIC has integrated the assets of Yichang Marine Diesel Engine, Dalian Marine Diesel Engine and Qingdao Haixi Marine Diesel.
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