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)
