CSSC to sell Wenchong Shipyard

China State Shipbuilding Corp (CSSC) is putting its entire 100% stake in Guangzhou Wenchong Shipyard Co Ltd up for sale, with expected price set at RMB 3.041 billion ($443 million). Industry analysts estimate that CSSC will most likely sell its assets to its Shanghai-listed subsidiary Guangzhou Shipyard International Co Ltd

CSSC stipulated that the buyer must be in the shipbuilding business, have earned more than 300 million yuan in net profit each year from 2005 to 2007, and have built ships with a total of at least 500,000 dead weight tonnes in fiscal year 2007, the exchange said.

The buyer would also have to be state-owned or state-controlled, with total assets of no less than 10 billion yuan at the end of 2007, it said.