Yangzijiang disposes of stakes in Zhuhai Interconnect Leading High-Tech and Zhuhai Leading Power

Singapore one-dollar bill, showing Chinese junk boatsSingapore one-dollar bill, showing Chinese junk boats

Yangzijiang Shipbuilding (Holdings) said Wednesday that via its wholly owned subsidiary Jiangsu New Yangzi Shipbuilding, it has disposed of its entire 30 percent interest in Zhuhai Interconnect Leading High-Tech Industrial Investment Center (ZILHT) and Zhuhai Leading Power Asset Management Center (ZLPAM) to an independent third party.

The consideration for the disposals was 69 million yuan, which was settled in cash, Yangzijiang said in a filing to SGX.

The company said the net asset value of the 30 percent interest in ZILHT and ZLPAM was 59.20 million yuan as of end-September.

“The board is of the view that the disposals are in the best interests of the company so as to enable the company [to divert] its attention from the non-core businesses to focus on core shipbuilding and related businesses,” Yangzijiang said.

In a separate filing to SGX, Yangzijiang said its wholly owned subsidiary Jiangsu Xinfu Heavy Industry Machinery (JXHIM) recently completed teh dissolution process in line with China’s laws.

“It is in the best interests of the company to approve the dissolution of JXHIM so as to rationalize the structure of the group for a more efficient business planning purpose,” Yangzijiang said.