Yiyang Rubber & Plastics Machinery Group plans to sell its 100 percent stake in Yiyang Zhonghai Shipyard Co., Ltd for 177 million yuan, according to information released at the Beijing Equity Exchange.
Yiyang Zhonghai Shipyard, qualified for production and design of coastal and inland waterway vessels, became a wholly-owned subsidiary of Yiyang Rubber & Plastics Machinery Group in October 2006.
Yiyang Zhonghai Shipyard raked in revenue of 110 million yuan in 2014 and 63.62 million yuan in the first six months of 2015. The company's net profits for the first six months of this year came to 1.2669 million yuan, compared to a net loss of 23.2246 million yuan in the full year of 2014.
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