Thursday, July 10, 2008

China State Shipbuilding to sell Wenchong Shipyard

China State Shipbuilding Corp (CSSC), the country's largest ship-building group, has put its Wenchong Shipyard up for sale on the Beijing Equity Exchange for RMB3.04 billion (USD443 million).

CSSC stipulated that the buyer must be in the shipbuilding business, have earned more than RMB300 million in net profit each year from 2005 to 2007, and have built ships with a total of at least 500,000 dead weight tonnes in fiscal year 2007.The buyer would also have to be state-owned or state-controlled, with total assets of no less than RMB10 billion at the end of 2007.

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