Yangzijiang Shipbuilding has completed the capital injection for a 34% equity stake in Tsuneishi Group (Zhoushan) Shipbuilding (TZS), making the company a 34% owned associate.
Prior to the acquisition, TZS was a wholly owned subsidiary of Tsuneishi Holdings.
The acquisition was first announced on Sept 12, 2024, for a purchase consideration of RMB833.1 million ($153.62 million), based on a willing-seller, willing-buyer agreement.
The purchase was set to be wholly satisfied in cash and to be funded from the group’s internal resources.
Yangzijiang’s chairman and CEO Ren Letian said that this acquisition will bring together the two company’s strengths in research and development, shipbuilding and supply chains.
Shares in Yangzijiang Shipbuilding closed 7 cents lower or 2.834% down at $2.40 on March 24.
