Hudong Heavy Machinery takes control of Guangzhou Marine Diesel Engine

China State Shipbuilding Co (CSSC) announced today that its subsidiary Hudong Heavy Machinery (HHM) will take control of CSSC Guangzhou Marine Diesel Engine (GMDE).
CSSC will transfer its 100% share in GMDE (worth RMB70.3m) to China Shipbuilding Trading Co (CSTC), and HHM will be brought in as a new shareholder which will invest another RMB161.1m in GMDE. Upon completion of the transactions, HHM will hold a 51% share of GMDE while CSTC will hold the other 49%.
CSSC said the restructure will ease the financial pressure of GMDE and effectively integrate CSSC’s marine engine production resources to facilitate the group’s marine propulsion business in South China.
Source: Sino Ship News