Yangzijiang Shipbuilding has completed the acquisition of Singapore-based Odfjell Terminals China Holding, or OTCH, for US$46.23 million, the shipbuilder said in a filing to SGX Tuesday.
OTCH’s sole asset is a 55 percent stake in Odfjell Terminal (Jiangyin), or OTJ, which owns and operates a tank terminal handling various types of petrochemical products and provides terminal services for petrochemical distribution in the upstream Yangtze River region, the filing said.
Based on OTJ’s audited financial statements for 2018, OTCH’s net book value was around 124.60 million yuan (S$24.61 million or US$18.12 million) and its net tangible asset value was around 96.24 million yuan, Yangzijiang said.
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