Yangzijiang completes acquisition of Odfjell Terminals China for US$46 million

Singapore five-dollar note Photo by Leslie Shaffer

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.

While you’re here, we’re hoping you can help us out.

Shenton Wire has been providing you with quick news and market analysis. But we need your support to continue to bring you the news you’ve come to expect and to expand our reach beyond Singapore.

Your monthly contribution will directly fund our journalism.

S$2     S$4       S$8

S$18       S$28       S$88

You can check your existing account here. You can also contact us about other contribution levels or for corporate subscriptions and syndication queries.