OnAugust 23, China Shipbuilding Industry Group Power and China State Shipbuilding Corporation announcedthatCSSC Diesel Engineplanned to acquire the diesel engine power business held by China State Shipbuilding Corporation, China Shipbuilding Industry Group, CSSC and CSIC Power with, with a total transaction price of 22.63 billion yuan.
According to the announcement, CSSC Diesel Enginepurchased 36.23% of its shares in CSSC Marine Powerfrom CSSC,63.77% of its shares inCSSC Marine PowerfromCSSC,100% of the sharesin China ShipbuildingIndustry Corporation Diesel Engine, 100% of the sharesin SXD and 98.26% of the sharesin Henan Diesel Engine IndustryfromCSIC Power, and acquired1.74% equity ofHenan Diesel Engine Industryheld by CSIC.
After the completion of this transaction, CSSC Diesel Engine will become a holding subsidiary of CSIC Powerwhich is engaged in diesel engine power business. CSSC Diesel Engine owns 100%equity ofCSSC Marine Power, Henan Diesel Engine Industry, SXD andCSE.
CSSC Diesel Engine was established in February 2022. Before the transaction, CSSC Diesel Engine was a wholly-owned subsidiary ofCSIC Power with a registered capital of 100 million yuan.
