Fujian Shipbuilding Industry Group (FSIG) plans to take public three of its wholly owned subsidiaries.
A state-owned shipbuilding group based in Fujian, China, its three subsidiaries are identified as Fujian Mawei Shipbuilding, Fujian Southeast Shipbuilding, and Fujian Minchuan Marine Ship Industry Development, a regulatory filing of FSIG said on 3 June.
In December 2014, Fujian Chuanzheng Heavy Industry (FCHI), another subsidiary of FSIG set up in 2014, took over all the stakes held by FSIG in the three subsidiaries at no costs. FCHI, with a registered capital of CNY200 million (USD32 million), is created to become a listed vehicle for the three subsidiaries of FSIG.
FSIG did not provide a timetable for the listing of FCHI.
In addition, FSIG acquired Fujian Minchuan Marine Ship Industry Development for CNY151.5 million in 2014.
According to a separate filing, Fujian Mawei Shipbuilding’s profit totalled CNY154 million for the first nine months in 2014, with its revenue at CNY2.5 billion during the same period.
Fujian Southeast Shipbuilding’s profit totalled CNY92 million for the first nine months in 2014, with its revenue at CNY2.2 billion during the same period.
FSIG also owns 44% of Xiamen Shipbuilding Industry.