Yangzijiang Shipbuilding (Holdings) has invested RMB200 million ($42.5 million) for a 40% stake in an entity called Anhui Shiyin Yangchuan Industrial Co.
According to Yangzijiang in its March 11 announcement, Anhui Shiyin’s core businesses are in promoting new technology services, construction building materials, transportation of goods, engineering construction and construction quality check.
The acquisition is not expected to have any significant impact on the earnings per share and net tangible assets per share of Yangzijiang for the current financial year ending Dec 31 2022.
Yangzijiang, whose core business is in shipbuilding, states that none of its directors or controlling shareholders or substantial shareholders have any interest in Anhui Shiyin. It is poised to spin off its investment business for a separate listing.
Yangzijiang, one of the component stocks of the Straits Times Index, closed at $1.41 on March 11, up 0.71% for the day and up 4.44% year to date.
