Hudong Heavy May Buy Assets from Parent

Friday, July 27, 2007
According to reports, Hudong Heavy Machinery Co. , may buy more shipbuilding assets from its state-run parent as it speeds up expansion to meet robust demand. Assets Hudong Heavy might purchase from China State Shipbuilding Corp. (CSSC) include a shipyard on Changxing island near Shanghai, Yang Jiafeng told Reuters on the sidelines of a shareholders' meeting.

The facility, with annual production capacity of 4.5m deadweight tons, is scheduled to deliver its first two vessels before the end of the year. Last week, Hudong Heavy, originally a ship engine maker, obtained regulatory approval to purchase $1.59b worth of shipbuilding assets -- including Waigaoqiao Shipbuilding Co. -- mostly from its parent via a share placement deal. Source: Reuters


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