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Zhang Yao, Director of the Office of the Board of Directors of Yangzijiang Shipbuilding, said on Jun. 23 that QD Asia Pacific Ltd., under Qatari Sovereign Wealth Fund, had purchased new shares issued by the company at about US$78M and would take a 2.235% stake in the company.
Listed on the main board of Singapore Exchange (SGX), Yangzijiang Shipbuilding is based in Jiangyin, Jiangsu Province and ranks No.4 in China's shipbuilding sector (according to the fulfilled production volume of shipbuilding in 2009). The firm was listed on SGX in 2007 and is presently the Chinese enterprise with the largest market capitalization in the bourse.
The reason why the Qatar's fund held interests in Yangzijiang Shipbuilding is to jointly acquire Singapore PPL Shipyard.
Furthermore, Yangzijiang Shipbuilding pumped RMB60M into a VC fund through Jiangsu New Yangzi Shipbuilding Co., Ltd., a wholly subsidiary of Yangzijiang Shipbuilding.
It is understood that the fund, named Jiangsu Huagong Venture Capital Co., Ltd. and based in Yangzhou, Jiangsu Province, was jointly launched by six Chinese enterprises including Jiangsu New Yangzi Shipbuilding Co., Ltd., Yangzhou Great Wall Real Estate Co., Ltd. and Yangzhou Hanjiang State-owned Assets Operation Co., Ltd., with a total size of RMB300M.
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