Sembcorp acquires shipyard stake
22 July 2004
Sembcorp Marine acquired a 10% stake in COSCO Shipyard Group for US$28.9 million, bringing its total share of the group to 30% and total investment to US$40.9 million. Analysts said that Singapore-based Sembcorp Marine plans to expand its mainland ship repair business. COSCO Shipyard has seven shipyards in the cities of Nantong, Jiangsu province; Dalian, Liaoning province; Guangzhou, Guangdong province; Xiamen, Fujian province; Zhoushan, Zhejiang province; and the municipalities of Shanghai and Tianjin. China Ocean Shipping Co (COSCO) holds a 49.5% stake in the company, while Guangzhou Ocean Shipping, Tianjin Ocean Shipping and Shanghai Ocean Shipping hold minority shares.
