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CIMC Enric makes move to buyout Sinopacific Offshore & Engineering

CIMC Enric makes move to buyout Sinopacific Offshore & Engineering
CIMC Enric Holdings, an affiliate of China International Marine Containers (Group) Co (CIMC), has entered into an agreement to acquire Sinopacific Offshore & Engineering Co (SOE), majority owned by Sinopacific Shipbuilding Group.

CMIC Enric signed a memorandum of understanding on 15 August with Sinopacific and SOEG to acquire 63.31% of equity interests of SOE, and with Evergreen Group to acquire the remaining 36.69% of stake, the company announced to the Hong Kong Stock Exchange.

SOE, established in China in 2006, deals principally in the design and manufacturing of gas tanks to store LEG, LPG, LNG, as well as design and construction of marine oil and gas module.

“The board believes that LNG marine storage and transport industry and marine oil and gas module industry have faced challenges in short term but remain bullish in long term,” CIMC Enric said in a statement.

“In line with the company’s development strategy to expand in industry chain for natural gas equipment and services from onshore to offshore and from downstream to upstream, the possible acquisition will facilitate the company in building its integrated capabilities for purification, liquefaction, storage and transportation of natural gas both onshore and offshore,” it added.

Meanwhile, Sinopacific itself is looking for investors to buy its 23.5% stake owned by France-based Jaccar Holdings, which has been trying to sell that equity interest for a few years.

Simon Liang, who founded Sinopacific and Evergreen Group, has recently stepped down as chairman and ceo of Sinopacific, as the Chinese shipyard went through a round of senior management reshuffling.