Shanghai: China International Marine Containers (Group) Co. Ltd, the world's biggest shipping container maker, announced that it has acquired 29% stake in Yantai Raffles Shipyard Pte Ltd for US$327m.
According to the supplemental agreement signed on August 27, the acquisition price will be US$4.00 per share, lower than the previously agreed US$6.92. CIMC will make the one-time cash payment of US$327 million.
On Mar. 12, Sharp Vision Holdings Limited, a wholly-owned subsidiary of CIMC inked deal with LeungKee Holdings Limited and Bright Touch Investment Limited to acquire their 29.9% stake or 81.88 million shares worth of US$565 million in Yantai Raffles Shipyard Pte Ltd.
Industry insiders believe that the acquisition will enable CIMC to expand to offshore oil and gas exploration equipment manufacturing and benefit the company in the long term. The deal is less than founder Singaporean Brian Chang had anticipated. [2/9/08]
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