The Aviation Industry Corporation of China (AVIC) has shifted ownership of shipbuilding subsidiary AVIC Zhenjiang Shipyard Marine (AZM) from one affiliated company to another in line with industrial streamlining efforts.
The AVIC International Maritime Holdings (AVIC Marine) division said on 17 May that its 60% shareholding in AZM will be sold to the High Beyond Corporation Limited, which is a subsidiary of AVIC International Holdings Limited.
The deal is worth CNY15.12 million (USD2.2 million). The remaining 40% of AZM will be retained by Jiangsu Zhengjiang Shipyard, which is owned by the Jiangsu provisional government.
AVIC Marine said the transaction was consistent with the group's "proposed restructuring exercise".
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