Yangzijiang Shipbuilding to take 51 percent stake in Shanghai Econovo

Yangzijiang Shipbuilding said on Thursday that its wholly owned subsidiary Jiangsu Yangzijiang Shipbuilding Co., or JYSCO, entered a subscription agreement to acquire a 51 percent interest in Shanghai Econovo Marine Engineering for 11.24 million yuan (S$2.27 million or US$1.68 million).

JYSCO will subscribe for shares valued at 2.65 million yuan from JHW (Shanghai) and three other individuals, it said in a filing to SGX after the market close on Thursday.

China-based Shanghai Econovo is a professional engineering company specializing in naval architecture and marine engineering, focused on designing vessels and offshore projects, the filing said, adding its designs of gas and bulk carriers included products with high performance and significant green features.

“The subscription will allow the group to enhance its competitiveness in the shipbuilding industry by developing new concepts and introducing new technologies to the vessels it builds and fortify its leading position in the shipbuilding industry,” Yangzijiang said.

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