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Austal to sell its shareholding in Aulong Shipbuilding

Austal Limited (ASX: ASB) advises that it has commenced discussions with Guangdong Jianglong Shipbuilding Company (Jianglong Shipbuilding) of Zhuhai, China, to sell Austal’s 40% shareholding in the Aulong Shipbuilding Co. Ltd (Aulong), a shipbuilding Joint Venture operated by the two companies, to Jianglong Shipbuilding.

Jianglong Shipbuilding already owns the other 60% of Aulong. A letter of intent has been executed by the parties targeting completion of the negotiations by 31 October 2021. Austal will update shareholders of future developments.

Aulong was established in June 2016 with the aim of pursuing commercial passenger and nonmilitary vessel opportunities in mainland China. Austal (with 40% ownership) has licensed a number of its proven, commercial aluminium vessel designs for marketing throughout mainland China and construction at Jianglong Shipbuilding’s established facilities in Guangdong province.

Jianglong Shipbuilding (with 60% ownership) brings local shipbuilding infrastructure, experience and expertise, with close to 1,000 employees across two shipyards supporting the joint venture. This ASX announcement has been approved and authorised for release by Patrick Gregg, Austal Limited’s Chief Executive Officer.

Apr 28 2021

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