On August 23, China Shipbuilding Industry Group Power and China State Shipbuilding Corporation announced that CSSC Diesel Engine planned to acquire the diesel engine power business held by China State Shipbuilding Corporation, China Shipbuilding Industry Group, CSSC and CSIC Power with, with a total transaction price of 22.63 billion yuan.
According to the announcement, CSSC Diesel Engine purchased 36.23% of its shares in CSSC Marine Power from CSSC, 63.77% of its shares in CSSC Marine Power from CSSC, 100% of the shares in China Shipbuilding Industry Corporation Diesel Engine, 100% of the shares in SXD and 98.26% of the shares in Henan Diesel Engine Industry from CSIC Power, and acquired 1.74% equity of Henan Diesel Engine Industry held by CSIC.
After the completion of this transaction, CSSC Diesel Engine will become a holding subsidiary of CSIC Power which is engaged in diesel engine power business. CSSC Diesel Engine owns 100% equity of CSSC Marine Power, Henan Diesel Engine Industry, SXD and CSE.
CSSC Diesel Engine was established in February 2022. Before the transaction, CSSC Diesel Engine was a wholly-owned subsidiary of CSIC Power with a registered capital of 100 million yuan.
Source: Xinde Marine News Sarah Yu
According to the announcement, CSSC Diesel Engine purchased 36.23% of its shares in CSSC Marine Power from CSSC, 63.77% of its shares in CSSC Marine Power from CSSC, 100% of the shares in China Shipbuilding Industry Corporation Diesel Engine, 100% of the shares in SXD and 98.26% of the shares in Henan Diesel Engine Industry from CSIC Power, and acquired 1.74% equity of Henan Diesel Engine Industry held by CSIC.
After the completion of this transaction, CSSC Diesel Engine will become a holding subsidiary of CSIC Power which is engaged in diesel engine power business. CSSC Diesel Engine owns 100% equity of CSSC Marine Power, Henan Diesel Engine Industry, SXD and CSE.
CSSC Diesel Engine was established in February 2022. Before the transaction, CSSC Diesel Engine was a wholly-owned subsidiary of CSIC Power with a registered capital of 100 million yuan.
Source: Xinde Marine News Sarah Yu
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