AVIC International has taken its first steps in exiting shipbuilding amid Beijing’s continued efforts to promote consolidation among state-owned enterprises.
In an exchange filing, the Hong Kong-listed company said it agreed to sell its 69.8% stake in insolvent yard AVIC Weihai to China Merchants Offshore Engineering Investment for ¥620m ($92.1m).
As part of the deal, the China Merchants affiliate will repay the debt that AVIC Weihai owes AVIC International while providing ¥1.66bn
