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YZJ forks out 700m yuan for equity in Suzhou-registered investment firm
YANGZIJIANG Shipbuilding (YZJ) said after Wednesday trading hours, it has picked up an equity stake at 700 million yuan (S$146 million) in a Suzhou-registered investment vehicle.
Its wholly-owned subsidiary, Jiangsu New Yangzi Shipbuilding Co, has acquired 25 per cent equity interests in the share capital of Jiangsu Sushang Joint Industry Investment Partnership.
Set up with an operating term of six years, Sushang's core businesses are related to equity fund and convertible bond investments in industries such as new materials, electronic components, intelligent hardware, internet, big data, artificial intelligence, financial technology and high-end manufacturing.
The acquisition is not expected to have any significant impact on YZJ group's earnings per share and net tangible assets per share for the year ended Dec 31, 2017.
YZJ closed at S$1.51 on Wednesday, down one cent.