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Asia

Yangzijiang Shipbuilding Completes Acquisition of 10% Stake in Seaspan Holding Company Poseidon

China-based Yangzijiang Shipbuilding (Holdings) (SGX:BS6) completed the acquisition of a 10% equity interest in Poseidon on Friday.Poseidon, which owns the container ship owner and operator Seaspan Corporation, is now an associated company of Yangzijiang following the transaction.The acquisition, the value of which was undisclosed, was paid for in cash and was funded by the group's internal resources, according to a filing with the Singapore Exchange on Saturday.The stake was acquired from affiliates of Canada's Fairfax Financial and the Washington Family for $825.7 million, according to an earlier filing.

SGX:BS6
Asia

Yangzijiang Shipbuilding Sets Up Unit for Vessel Delivery, Repair Operations in Jiangsu, China

Yangzijiang Shipbuilding (SGX:BS6) established a subsidiary in Jiangsu Province, China, named Jiangsu Yangzi Hongda Shipbuilding and Repair, according to a Wednesday filing with the Singapore Exchange.Shares of the shipbuilding and repair company were up over 1% in Thursday trading.The new subsidiary has a registered capital of $100 million and will undertake the development and operation of facilities for large vessel delivery, repair and conversion services.The capital contribution will be carried out through internal resources, the filing added.

SGX:BS6