Yangzijiang units acquire stake in Runzhou Heavy Industry

Yangzijiang Shipbuilding (Holdings) says subsidiaries Jiangsu New Yangzi Shipbuilding and Yitian Investments have collectively acquired 54.47% equity interest in Runzhou Heavy Industry Co. and its subsidiary Jiangsu New Yangzi Gas Co. for US$6.5 million ($8.1 million).

Incorporated in China, Runzhou Heavy Industry has a net book value of RMB97 million ($18.6 million) as at 31 December 2010. Its core business is of steel structure and paint surface preparation as well as coating related business.

Runzhou Heavy Industry also holds 51% equity interest in Jiangsu New Yangzi, a company incorporated in JingJiang city, which supplies gas.