04 May 2021
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.
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Australian company Austal has announced plans to sell its stake in its Chinese shipbuilding joint ve...