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Xiangyu Dredging Announces Completionof the acquisition in Jiangsu Jiaolongequity interest

Date:3/3/2012 10:28:14 Popularity:

Xiangyu Dredging Holdings Limitedis pleased to announce the completion of acquiring the equity interest in JiangsuJiaolong Salvage Harbour Engineering Co. Ltd. (Jiangsu Jiaolong).

Jiangsu Jiaolong is principally engaged in thebusiness of salvaging sunk objects and contractor of provision of engineering services for ports andchannels. It is certified with Class I salvaging qualifications for inland rivers andClass II salvaging qualifications for coastal watersawarded by the Diving and SalvagingManagement Committee of the Ministry of Communications and ClassII sub-contractor engineering qualifications for port and waterwaysby Construction Engineering Administration of Jiangsu Province.  It was also recognized as one of the leading enterprises among domestic peers (excluding national professional salvage teams)in China by ChinaDiving and Salvage Industry Association (中國潛水打撈行業協會).

Upon the completion of acquisition of equity interest and the capital injection, Xiangyu Dredging would have possessed 51% equity interest of Jiangsu Jiaolong, representing the controlling interest at Jiangsu Jiaolong. Through stake taking in Jiangsu Jiaolong, the Group will obtain the synergy not only for the salvage service performed by Jiangsu Jiaolong, but also the extended client network representing an enhanced arm of contract negotiation. These factors will improve the Group’s capacity of seizing new contracts.

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