Yangzijiang Shipbuilding BS6 has acquired an additional 5% stake in its joint venture (JV), Jiangsu Yangzi-Mitsui Shipbuilding Co., Ltd. (Yangzi-Mitsui) for a cash consideration of RMB43.2 million ($8.1 million). The additional stake was acquired from a minority shareholder of Yangzi-Mitsui.
Following the acquisition, Yangzijiang Shipbuilding’s equity interest in Yangzi-Mitsui increased to 56% from 51% previously.
The acquisition is a non-disclosable transaction under chapter 10 of the Singapore Exchange’s (SGX) listing manual. It is not expected to have a material impact on Yangzijiang Shipbuilding’s net tangible assets (NTA) and earnings per share (EPS) for the FY2023 ending Dec 31.
Shares in Yangzijiang closed 2 cents lower or 1.27% down at $1.55 on Aug 3.
