China's yard giant to divest shipyard business

Struggling Rongsheng Heavy Industries has signed a memorandum of understanding to divest the company's shipyard business, reports Seatrade Global.

Photo: Hempel

One of China's biggest yards is investigating a number of ways to get out of the company's economic troubles of a billion dollar deficit. Rongsheng Heavy Industries now has plans to sell the company's shipping yard business and focus on the energy business instead, according to several media sources.

In a stock market statement, Rongsheng announced that the company has signed a memorandum of understanding (MOU) to divest "related core assets and liabilities of the onshore shipbuilding and offshore engineering business of the group" to a Chinese company, writes Seatrade Global.

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