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CHINA
International Marine Containers Co., the world’s largest
maker of shipping containers, bought a 3-percent stake
in Singapore-listed Goodpack Ltd., a maker of bulk
containers for storing and transporting commodities.
China
International Marine paid $16 million for 13.5 million
shares, Goodpack said in a statement to the Singapore
stock exchange. The stake was purchased over a two-week
period from March 13 to March 28.
Shenzhen, southern China-based China International
Marine is buying stakes in related companies to boost
earnings as rising material prices increase production
costs and put pressure on its margins.
The
company last month bought a 29.9-percent stake in
Singapore-based Yantai Raffles Shipyard Ltd. to benefit
from greater demand for oil-drilling rigs and storage
vessels.
China
International Marine in June said it bought a majority
stake in Pijnakcer, Netherlands-based Burg Industries
BV, which makes containers for breweries and fuel
companies.
Singapore-based Goodpack’s main product is a reusable
and collapsible galvanized-steel box that is cheaper to
use and creates less waste than disposable plywood bins,
drums and pallets, the company says on its web site.
Shares
of Goodpack haven’t traded since April 10, when they
closed unchanged at S$1.66. China International Marine
shares fell 4.7 percent to 17.80 yuan in Shenzhen.
(Bloomberg) |
