Hong Kong, Mar 3, 2012 - (ACN Newswire) - Xiangyu Dredging Holdings Limited ("Xiangyu Dredging" or the "Company", HKSE: 0871), the largest privately owned dredging company in China in terms of dredging volume in 2010, is pleased to announce the completion of acquiring the equity interest in Jiangsu Jiaolong Salvage Harbour Engineering Co. Ltd. (Jiangsu Jiaolong).
Jiangsu Jiaolong is principally engaged in the business of salvaging sunk objects and contractor of provision of engineering services for ports and channels. It is certified with Class I salvaging qualifications for inland rivers and Class II salvaging qualifications for coastal waters awarded by the Diving and Salvaging Management Committee of the Ministry of Communications and Class II sub-contractor engineering qualifications for port and waterways by Construction Engineering Administration of Jiangsu Province. It was also recognized as one of the leading enterprises among domestic peers (excluding national professional salvage teams) in China by China Diving and Salvage Industry Association.
Upon the completion of acquisition of equity interest and the capital injection, Xiangyu Dredging would have possessed 51% equity interest of Jiangsu Jiaolong, representing the controlling interest at Jiangsu Jiaolong. Through stake taking in Jiangsu Jiaolong, the Group will obtain the synergy not only for the salvage service performed by Jiangsu Jiaolong, but also the extended client network representing an enhanced arm of contract negotiation. These factors will improve the Group's capacity of seizing new contracts.
About Xiangyu Dredging
Xiangyu Dredging has been listed on the Stock Exchange of Hong Kong (SEHK: 0871) on 20 June 2011. The Company is the largest privately owned dredging company in China in terms of dredging volume in 2010, according to the Frost & Sullivan Report. The Company is engaged in providing capital dredging, reclamation dredging, maintenance dredging and environmental protection dredging services. The Company has cultivated strong client relationships and has a strong project pipeline including large-scale projects with prestigious clientele. The Company has strong ability to evaluate project profitability and selectively engage in profitable projects, and have undertaken contract work on dredging projects such as Caofeidian Industrial Area Project, Dalian Changxingdao Harbor Project and Tianjin Port Project. The Company achieved an average dredger working efficiency rate of approximately 83% in 2010, which was higher than the industry average of 70% in China. www.xiangyu.com.hk.
This press release is issued by Wonderful Sky Financial Group Limited on behalf of Xiangyu Dredging Holdings Limited.
Source: Xiangyu Dredging
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