Yangzijiang acquires 40 percent of Zhuoneng it didn’t already own for 20 million yuan

China yuan coins

Yangzijiang Shipbuilding said on Wednesday that its wholly owned subsidiary Jiangsu Yanghong Marine Import and Export acquired the remaining 40 percent of Jiangsu Yangzi Zhuoneng Industrial it didn’t already own for 20 million yuan (S$4.02 million).

China-based Zhuoneng, which has a registered paid-up capital of 50 million yuan, primarily trades metals, paper products, plastic products, including raw materials, and research and development of mechanical equipment, it said.

Yangzijiang said the acquisition will provide an additional income steam and reduce dependency on the import and export of steel-related products from third parties for its shipbuilding activities.

The acquisition was funded via internal resources, it said.

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