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    Vard asserts control over Brazilian yard

    Yard News // August 26, 2016

    Vard Holdings Limited has increased its ownership stake in its indirect subsidiary in Brazil, Vard Promar, to 95.15 per cent.

    Vard Promar, previously held 50.5 per cent by Vard's wholly-owned subsidiary Vard Group AS, and 49.5 per cent by a local partner PJMR Empreendimentos Ltda (PJMR), is the newest shipyard asset in the Vard portfolio.

    Following the recent closure of the Vard Niterói shipyard, the group will concentrate all its Brazilian shipbuilding activities at the new yard in the Suape industrial area in the state of Pernambuco.

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