The acquisition has a purchase consideration set at RMB833.1 million ($152.7 million), based on a willing-seller, willing-buyer agreement.
Mainboard-listed Yangzijiang Shipbuilding has entered into a joint venture agreement with Japanese conglomerate Tsuneishi Holdings to acquire a 34% equity stake in Tsuneishi Group (Zhoushan) Shipbuilding (TZS) through a private share allotment.
Currently, TZS is a wholly owned subsidiary of Tsuneishi Holdings with a paid-up capital of US$73.4 million ($95.8 million).
