Yangzijiang
Shipbuilding has continued to raise cash from non-core asset sales by selling
half of its stake in a shipbreaking yard.
Singapore-listed
Yangzijiang has collected CNY 140m ($22.75m) after shedding 50% of its holding
in Jiangsu Huayuan Metal Processing (JHMPCO).
The company
explains the deal is the latest in a line of moves to tighten focus on its
central shipbuilding business.
Yangzijiang,
China’s top performing yard in 2014, bought into JHMPCO in 2011 when it
invested CNY 240m for its then 80% stake.
It has since taken
full control of the shipbreaker with 70% of the stock controlled by subsidiary
Jiangsu New Yangzi Shipbuilding and the balance by Baoling Investments.
Of the 50% slice
cash in today, 20% came from Jiangsu New Yangzi’s holding while Baoling has
sold out.
Yangzijiang saw its
bottom line climb by 52% to CNY 1.24bn ($150m) in the three months to the end
of June.
In the first half
of 2014, Yangzijiang has won orders for 32 vessels, including four FMG VLOCs.
It has 122 ships in its orderbook worth $5bn in total.
In July, the
shipbuilder collected over $30m from the sale of shares in Wujiang Jinke Yangzi
Real Estate Development, Jiangsu Leyuan Innovation International and Taixing
Tongzhou Warehousing.
Source:
trade
winds news. 13 August 2014
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