Hong Kong: Hong Kong has a new shipowner. A fabric manufacturer looking to diversify has moved to snap up an Indonesian coal mine plus a Singaporean shipping concern.
Hong Kong-listed Kwong Hing International is spending HK$160m to take over Singapore tug and barge operator Rimau Shipping, while the company will also spend HK$840m to purchase a 60% stake in mining and coal trading company, PT Rimau Indonesia.
Rimau Shipping owns four tugs and two barges, which have a total carrying capacity of 16,000 tonnes. [30/11/09]
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