China Merchants Industry Investment Limited, the subsidiary of China Merchants Industry Holdings Co. Ltd, is seeking to acquire 73.87 per cent stake in the shipping business of Catalist-listed AVIC International Maritime Holdings Limited (AVIC) for $22.75 million, per its filing.
It made a pre-conditional voluntary cash offer at S$0.15 per share ($0.11 per share), or RMB 163.00 million ($22.75 million) in total.