Yangzijiang latest up-date

MEDIA RELEASE – FOR IMMEDIATE RELEASE

Yangzijiang aiming to enter the robust offshore sector

􀂃 Offered to acquire PPL Holdings by intending to take a 50.1% stake.

􀂃 Rest 45% and 4.9% in PPL Holdings would be taken up respectively by strategic partner, a Middle East investor and Yangzijiang’s Non-Executive Director, Mr Yu Kebing.

􀂃 Total consideration for PPL Holdings at US$155 million.

􀂃 Yangzijiang would place 83.555 million shares at S$1.295 per share to the Middle East investor to fund its proposed stake of 50.1% in PPL Holdings.

SINGAPORE – 17 April 2010 – Yangzijiang Shipbuilding (Holdings) Limited (“Yangzijiang” or “the Group” or “扬子江船业控股有限公司”), one of PRC’s leading and most enterprising shipbuilder listed on the SGX Main Board, on 15 April 2010 entered into a placement agreement with a Middle East investor ("Investor") in relation to the placement of 83,555,000 new ordinary shares in the capital of Yangzijiang at the issue price of S$1.295 per new share.