China's Yangzijiang Shipbuilding acquires stake in local Tsuneishi subsidiary

Chinese privately-owned shipbuilder the Yangzijiang Shipbuilding Group has completed its acquisition of the 34 per cent equity stake in Tsuneishi Group (Zhoushan) Shipbuilding (TZS), a wholly owned subsidiary of Japan's Tsuneishi Group.

With the completion of acquisition on Monday, March 24, TZS is now a 34 per cent-owned affiliate of the Yangzijiang Shipbuilding Group.

Yangzijiang Shipbuilding had announced in September last year that it had signed a joint venture agreement with the Tsuneishi Group with plans to acquire 34 per cent of the equity of TZS through a non-public allotment.

TZS was established in China in March 2003 with a registered capital of US$73.41 million. The company has completed the construction of more than 280 ships of various types since its establishment.

TZS is mainly engaged in the manufacture and repair of tankers, bulk carriers, and other commercial vessels below 100,000 DWT as well as the manufacture of ship segments and various steel components.

At present, TZA has two 80,000-tonne slipways, one 80,000-tonne dry dock, two 80,000-tonne ship outfitting docks, and one 3,000-tonne cargo terminal.