China Ocean Shipbuilding entered into the agreement with Ruichang Municipal People's Government in relation to a possible acquisition by the company of a piece of land in Ruichang city, Jiangxi province, to engage in the manufacturing project.
The total estimated price for the acquisition will be around RMB24m ($3.8m).
“The company treats the production project as an opportunity to diversify its business,” China Ocean Shipbuilding said.
It added that the negotiation for the production project is still at a preliminary stage as there is still a process of bidding invitation, auction or listing.
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