China International Marine mulls 29.9% stake in Yantai Raffles

China International Marine Containers Co (CIMCC)<000039><200039>, the world's largest maker of freight containers on Thursday said one of its wholly-owned subsidiaries has inked an agreement to buy 29.9% stakes in Yantai Raffles Shipyard Ltd for US$566 million.

The stake will be bought through its unit, Sharp Vision Holdings Ltd., from two sellers, namely Leung Kee Holdings Ltd and Bright Touch Investment Ltd, a subsidiary of CIMCC, the company said in a statement filed to Shenzhen Stock Exchange.

Singapore-headquartered Yantai Raffles, with its production base located in Yantai, Shandong Province, is a global leading ship and marine engineering equipment manufacturer with major interest in building jack-up drilling platform, semi-submersible drilling platform, FPSO, FSO, luxury yacht, etc.