REKLAMA
Australian shipbuilder, Austal, says it is selling its 40% share in Aulong Shipbuilding to its joint venture partner, Jianglong Shipbuilding. With an existing 60% share, Jianglong will become the sole owner of Aulong once the deal is signed off.
“A letter of intent has been executed by the parties targeting completion of the negotiations by 31 October 2021,” Austal said in a statement to the Australian exchange.
A spokesman for Austal said the move had nothing to do with diplomatic tensions between Australia and China, but had come about because the Chinese domestic ferry business had not grown like the company had expected when the joint venture was established five years ago.
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