Yangzijiang Shipbuilding (Holdings), has, through its indirect wholly-owned subsidiary Jiangsu New Yangzi Shipbuilding Co, subscribed for 100% shares in Jiangsu Tianhong Marine Import and Export Co., Ltd with a registered paid-up capital of RMB10 million ($2.06 million).

Jiangsu Tianhong, a newly-incorporated company in China, will help shipbuilders facilitate the purchase of shipping related marine equipment as well as the sale and export of vessels.

The incorporation of TianHong is funded through internal resources and is not expected to have any significant impact on the earnings per share and net tangible assets per share of the group for the current financial year ending Dec 31.

Shares in Yangzijiang closed flat at $1.05 on Feb 18.