Austal plans to divest stake in Chinese business

by Jon Grevatt

Australian company Austal has announced plans to sell its stake in its Chinese shipbuilding joint venture (JV). The move comes against a background of deteriorating Australia-China relations and reflects the company’s aims to build defence sales in the United States and Asia.

Austal said in a notice to shareholders in late April that it has started talks with Chinese firm Guangdong Jianglong Shipbuilding to sell Austal’s 40% shareholding in Aulong Shipbuilding, a JV set up between the two companies in Guangdong, China, in June 2016. Jianglong Shipbuilding currently holds a 60% stake in Aulong Shipbuilding.

https://www.janes.com/defence-news/news-detail/austal-plans-to-divest-stake-in-chinese-business

Australian company Austal has announced plans to sell its stake in its Chinese shipbuilding joint ve...

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