Hudong to Invest in Shipyards and Tech

Wednesday, January 31, 2007
Hudong Heavy Machinery Co., said that it will use proceeds to fund its purchase of shipyards and to invest in new technologies. With the proceeds, Hudong will buy 100% of Shanghai Waigaoqiao Shipbuilding Co. and CSSC Chengxi Shipyards and 54% of Guangzhou Wenchong Shipyard. It will also invest in technology upgrades. The company, which is the biggest maker of diesel engines for ships in China, will sell up to 400 million A-shares at RMB 30 per share in exchange for RMB 9 billion in assets and RMB 3 billion in cash, it said in a statement to the Shanghai Stock Exchange Monday. Hudong’s controlling shareholder, China State Shipbuilding Corp., will buy 59% of the share issue. The other buyers include Baosteel Group Corp., China Life Insurance Co., Shanghai Electric Group Corp. and CITIC Group. Source: china knowledge

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Ithaca’s FPF-1 platform to be moved to Stella field

Ithaca Energy Inc. reports that the "FPF-1" floating production facility has completed the required inclination test as planned and departed the Remontowa shipyard in Gdansk, Poland.

Live Fish Carrier Launched at Gondan

At high tide, the vessel “MARTIN SÆLE”, the first Live Fish Carrier built by Gondan Shipyard in Figueras, was successfully launched today. Representatives of the owner of the vessel,

Wärtsilä Environmental Efficiency for Hybrid UK Ferry

A new ferry being built at the Cemre shipyard in Turkey for UK operator Wightlink will feature a comprehensive range of modern Wärtsilä equipment and systems to

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0621 sec (16 req/sec)