Danyard deal on steady course

J Lauritzen Holding of Denmark is expected to complete the sale of a 48 per cent stake in its Danyard shipbuilding unit to Penang Shipbuilding Construction next month, a Danish newspaper reports.

Lauritzen chairman Michael Christiansen said talks were going smoothly and payment was expected to be completed by April 1, Borsen said. Penang, which is controlled by Amin Shah, agreed in December to pay US$100 million for the stake.