Yantai State-owned Assets Takes a Share in CIMC

On June 30, CIMC and Yantai Guofeng Investment Holdings Group signed a strategic cooperation agreement in Yantai, Shandong.
 
The two parties will take CIMC's high-quality assets and business in Yantai as the core, gradually integrate the advantageous resources of related industries in Yantai, and establish a leading platform for the development of deep-sea industry.
 
The newly established Yantai CIMC Raffles Offshore Technology Group is formed with Yantai CIMC Raffles as the main body. CIMC Group takes the equity of CIMC Raffles and CIMC Offshore Engineering Research Institute as the shares, holding 83.3% equity; Yantai Guofeng Investment Holdings Group invested 835 million yuan in cash, holding 16.7% of the equity.
 
After the establishment, the new company will take offshore oil and gas development equipment, offshore wind power and seawater desalination as its main business, and carry out R & D and design, general assembly and construction, and industrial park development and other services.
 
Source: Sarah Yu, XINDE MARINE NEWS

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