CSBC on target for privatization

The state-run China Shipbuilding Corporation (CSBC), based in Taipei, will complete privatization by the end of 2005 as scheduled. According to CSBC President Fan Kuang-nan, the company will hold an investment conference at the end of April and start inviting investment in May. Fan said several potential investors from the United States, Japan and Indonesia have expressed interest in the privatization project. However, the total number of shares held by foreign investors cannot exceed 45% after the company is privatized.

In the first two months of this year the company posted sales of $84.74 million, with accumulated profits amounting to $2.3 million. The company currently has 52 shipbuilding orders in hand, which is expected to keep its production lines busy up to early 2009.