Chinese shipbuilder Yangzijiang Shipbuilding has disposed of its shareholdings in two subsidiaries as part of its efforts to shed non-core businesses.
The shipyard has sold its entire 50% equity interest in Jiangsu Huayuan Metal Processing, which is mainly involved in ship demolishing for RMB93.5m ($13.9m). In addition, it has disposed of 100% equity interst in Zongzhou Vessel Component Manufacturing for RMB1m.
In March, Yangzijiang said it plans to slash another 2,000 staff from its workforce this year to fight the protracted ship ordering downturn. The shipyard has already slashed its workforce by 20% in the past two years.