China Merchants launches $23m bid for AVIC’s shipping business

Source: A picture of a 12,000 CBM LNG/LEG/LPG Gas Carrier, AVIC Dingheng (AVIC International Maritime Holdings Limited)

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.

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