CSSC to Sell Shipyard for $443m

Tuesday, July 01, 2008

China State Shipbuilding Corp (CSSC), has put its Wenchong Shipyard up for sale on the Beijing Equity Exchange for $443m, Reuters reported.
The official China Securities Journal quoted analysts as saying that Guangzhou Shipyard International Co,
CSSC stipulated that the buyer must be in the shipbuilding business, have earned more than 300 million yuan in net profit each year from 2005 to 2007, and have built ships with a total of at least 500,000 dead weight tonnes in fiscal year 2007, the exchange said.
The buyer would also have to be state-owned or state-controlled, with total assets of no less than 10 billion yuan at the end of 2007, it said.

Source:  Reuters


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