5 February 2020

ZICO Insights Law advises AVIC Maritime Holdings Limited on Disposal of Assets

ZICO Insights Law LLC, advised AVIC International Maritime Holdings Limited (“AIMHL”), an SGX-ST Catalist Board listed company which provides integrated solutions in the marine business including shipbuilding project management and consultancy, design and engineering, shipbuilding, and ship-trading.

The deal is in regards to the disposal of AIMHL’s entire shareholding interest in AVIC Zhenjiang Shipyard Marine Pte. Ltd. (“AZM”), which represented 60% of the total issued and paid-up share capital of AZM, to High Beyond Corporation Limited. The deal constituted an “interested person transaction” as defined under the Listing Manual of the SGX-ST and subjected to the applicable listing rules. Following the completion of the disposal, AIMHL no longer holds any interest in AZM, whether directly or indirectly, and accordingly AZM together with its wholly owned subsidiary, Blue Ocean Ship Management & Engineering Limited (Hong Kong incorporated), have both ceased to be the subsidiaries of AIMHL.

AIMHL is a wholly-owned subsidiary of China Merchants Industry Holdings Co., Ltd., which is a central state-owned enterprise based in Hong Kong SAR and a leading offshore engineering equipment and service provider. The ZICO Insights Law team on the deal comprises Yap Lian Seng (Managing Director), Dr Qiu Yang (Director), and Associates Denzel Chua and Troy Ang.