Jaya Holdings to develop new yard in China News
// May 17, 2004
Jaya Holdings Limited in Singapore has announced that its wholly owned subsidiary Jaya Offshore (HK) Limited (Jaya Hong Kong), has entered into a 70-30-joint venture with Chinese shipyard, Yuexin Shipbuilding Company Limited (Yuexin) to develop, own andoperate a new shipyard in the vicinity of Zhuhai city in the southern province of Guangdong.
Jaya Hong Kong will own 70 per cent of the new shipyard, to be named Jaya Shipbuilding (Zhuhai, China) Company Limited (Jaya Zhuhai).
The development costs of the new shipyard are estimated at US$10 million which the parties intend to finance by means of US$4.2 million in paid-up capital and a combination of bank borrowings and shareholders' loans.
Jaya Zhuhai will be the third shipyard to be owned by the Group, which currently has a shipyard in Singapore and a second in the Indonesian island of Batam. Jaya Zhuhai is expected to commence shipbuilding operations by March 2005.
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