CSBC to be privatised

PUBLISHED : Friday, 11 June, 1999, 12:00am
UPDATED : Friday, 11 June, 1999, 12:00am

Taiwan's China Shipbuilding Corporation (CSBC) will be privatised in 2001 under a management programme announced by Republic of China International Metalworkers' Federation official Wang Shengwen.

The announcement was made by Mr Wang at a meeting in Tokyo last month, a source said. CSBC has been suffering from low shipbuilding prices and a steep decline in orders due to fierce international competition, leading to reduced profits.

The source said although it had orders until the end of next year, it had gone into the red over the past few months. Its repair division was faring badly, with prices about 20 per cent lower than before.