Yangzijiang Shipbuilding (Holdings) Ltd. has through Jiangsu New Yangzi Shipbuilding Co., Ltd, its wholly owned subsidiary, incorporated a new subsidiary in the Republic of Singapore.
With an authorised capital of US$ 99.8 million, the new subsidiary was named Newyangzi International Trading Co., Ltd. ( NYIT ), making it as the 100 % indirect wholly-owned subsidiary of the company.
NYIT will be involved in international trade activities which includes but is not limited to the trading of shipbuilding related materials/supplies and commercial vessels.
The rationale of the incorporation of NYIT is to optimise the Group’ s business operating model and lower the funding costs through broadening its existing trading platform, tapping on Singapore’s developed capital markets and logistics infrastructure.
In the long run, the investment is also expected to be an additional revenue stream for the Group with progressive expansion of its business to third parties.
[mappress] Press Release, December 6, 2013