GS Phereclus Holdings Limited under global investment bank Goldman Sachs has bought a 20 percent stake in Yangfan Group Co., Ltd., a privately-run shipyard based in Zhoushan, Zhejiang Province, according to the official website of the Chinese company.
A Reuters report on January 8 stated that the deal was worth US$50 million.
Yangfan Group has 2.3 billion yuan in gross capital and its annual shipbuilding capacity reaches up to 420,000 DWT.
The Chinese company said it would soon start shareholding reforms and aims to launch an IPO in the second half of 2008 with the help of Goldman Sachs.
As ship building is highly capital intensive, fast expanding Chinese shipbuilding enterprises are thirsty for money, which can be provided by domestic and overseas capital attracted by the sector’s promising future.
For more details, please read the full story in Chinese (http://www.caijing.com.cn/home/todayspec/2008-01-10/44816.shtml).
(China.org.cn January 10, 2008)