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China Ocean Industry, Partners to Create Shipbuilding JV

July 11, 2018

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China Ocean Industry Group has agreed with a company listed on SGX and Wuxi Tianshi Education Goods to establish a shipbuilding joint venture in Ruichang city, China.

The framework agreement between China Ocean Industry, its subsidiary Jiangxi Shipbuilding, and the two remaining parties was inked on July 10, 2018.

Under the terms of the agreement, the shipbuilding JV will have registered capital of RMB 100 million (USD 15 million). A Singapore-listed company, understood to be Yangzijiang Shipbuilding, will own 60% of the JV by investing RMB 60 million, China Ocean Industry 40% and Wuxi Tianshi 10%.

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