[Photo: Shanghai Waigaoqiao Shipbuilding]
On May 26, China State Shipbuilding Corporation announced that its wholly-owned subsidiary Shanghai Waigaoqiao Shipbuilding plans to acquire 34.97% of Shandong Shipping Corporation for 4.7 billion yuan and become its second largest shareholder.
Regarding the background of this cooperation, the announcement stated that it will further improve the asset liquidity of Waigaoqiao Shipbuilding and prevent and resolve operational risks.
Shandong Shipping issued 2.983 billion additional shares in a non-public offering. Waigaoqiao Shipbuilding subscribed 2.124 billion shares for 4.7 billion yuan, of which 2.124 billion yuan was included in the registered capital, and the remaining 2.576 billion yuan was included in the capital reserve.
Shandong Marine Group subscribed 859 million shares for 1.9 billion yuan, of which 859 million yuan was included in the registered capital, and the remaining 1.041 billion yuan was included in the capital reserve.
Up to now, Shandong Shipping has a control capacity of about 13 million dwt, and a total control capacity of 99 ships, of which 86 ships have been built and operated, ranking third in China.
By Xinde Marine News Sarah Yu
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.