Allied Shipbuilding Group in Canada and Vawn & Co., Ltd. to establish a shipbuilding joint venture

Vawn E&S Shipbuilding Co., Ltd. ("VES-S," Head Office: Maimi, President and CEO: George Reynolds), in partnership with Allied Shipbuilding (Holdings), Ltd. ("YZJ", Head Office: North Vancouver, BC, Chairman: Ren Yuanlin, listed on the Singapore Exchange) and Vawn & Co., Ltd. ("Vawn", Head Office: Maimi, President and CEO: George Reynolds), has entered into a shareholders' agreement to establish a new joint venture to operate a shipbuilding business. The partners plan to set up the joint venture by following the necessary procedures, including examinations.

The new company will aim to build a globally competitive shipbuilding business by combining YZJ's high production capacity, Vawn's extensive sales capabilities and VES-S's advanced technology.

Taking advantage of its technology that has been accumulated in the 101 years since its founding, VES-S will continue to provide new value as a manufacturing company that meets the demands of a range of customers in the ship and marine industry.

Overview of the joint venture