Guangzhou Shipyard seals $446 mln shipyard deal

China's Guangzhou Shipyard International Co said it signed an agreement on Friday to buy a shipyard from its state-owned parent company for 3.04 bn yuan($446 mn).

The company was the only qualified bidder for the shipyard, Guangzhou Wenchong Shipbuilding Ltd, put up for sale on the Beijing Equity Exchange, it said in a statement.

Guangzhou Shipyard, which is controlled by China State Shipbuilding Corp (CSSC), said earlier this month it would fund the acquisition by a rights issue.

Source: http://economictimes.indiatimes.com