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| Monday, 3 November 2014, 06:00 HKT/SGT | |
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HONG KONG, Nov 3, 2014 - (ACN Newswire) - Guangzhou Shipbuilding International (GSI or the Company: 00317.HK/600685.SH), an eligible stock in the new Shanghai-Hong Kong Stock Connect program that establishes mutual stock market access between Mainland China and Hong Kong, today announces plan to acquire CSSC Huangpu Wenchong Shipbuilding Company. ("Huangpu Wenchong"), and related shipbuilding assets held by Yangzhou Kejin. As the only overseas capital operations platform of China State Shipbuilding Corporation (CSSC), GSI will become the first military industry-related company with dual-listing status in Hong Kong and Shanghai. Trading of GSI shares will resume on November 3rd on Hong Kong and Shanghai Stock Exchange.
Huangpu Wenchong is CSSC's primary base for defense ships, special engineering vessels and ocean engineering equipment in southern China, as well as the very leading manufacturing hub for dredging engineering vessels and feeder container ships. According to the restructuring proposal, GSI will purchase the entire issued share capital of Huangpu Wenchong at a consideration of RMB 4.527 billion, 85% of which will be paid by means of share issuance, and 15% by means of cash payment. In addition, GSI plans to purchase shipbuilding assets owned by Yangzhou Kejin at a consideration of RMB 968 million by means of share issue.
The Company also proposes a non-pubic issue of a maximum of 111,151,529 A shares to no more than 10 Target Subscribers for a maximum of RMB 1.831 billion to support defense industry and ocean engineering projects Huangpu Wenchong. CSSC, the parent company of GSI, will see its shareholding in GSI rise to 57.25% upon completion of the restructuring plan.
Inspired by China's new SOE reform paradigm that encourages a more diversified ownership structure, GSI's restructuring plan heralds an era of thorough synergy between public, private and global investments across PRC-Hong Kong stock markets. A new GSI is emerging not only as a stronger industry leader with a more diversified product mix and integrated regional resource base, but also a flagship for the ongoing securitization of stock assets of China State Shipbuilding Corporation.
Management of GSI said, "CSSC's solid support makes it possible for GSI to continuously consolidate industry resources through strategic M&A actions. We are committed to fully leveraging on China's new policy for military industry assets securitization, and raising our defense and ocean engineering equipment capabilities. We believe the across-the-board development in defense, civil and ocean engineering segments will build a solid foundation for strengthening our competitiveness and profit-making capacities."
Guangzhou Shipyard International Company Limited
GSI is the first listed shipbuilding company in the PRC and is an important core modern shipbuilding enterprise in South China parented by China State Shipbuilding Corporation. The Company enjoys autonomy in export and import operations. Up to now, the Company has gained honorary titles such as "Top 500 Manufacturing Enterprises in China" and "Top 500 Brands in China". Based on the core business of shipbuilding, the Company is capable of designing and building handy-size tankers of 30,000 to 60,000 DWT which meet the standards set by major classification societies in the world. It is involved in the businesses of large-sized steel structure, port machinery, elevator, electro-machinery and software exploitation The Company has also entered the high-tech and high value-added shipbuilding market of Ro/Ro vessels, Ro/Ro passenger vessels and semi-submersible heavy lift vessels. At present, the Company has become the largest manufacturer of handy-size tanker in China.
Topic: Press release summary
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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