Hong Kong-based Yun Lee Marine Group has taken a 51% stake in compatriot marine services provider, New Legend, at a cost of HK$34.5m (US$4.4m).
Yun Lee Marine offers vessel chartering services within Hong Kong waters, and the company’s prime motivation for the purchase of the majority stake was for fleet expansion. As a result of the deal Yun Lee Marine will gain 13 new launches including four new launches currently under construction. Ahead of the completion, Yun Lee Marine runs five work boats, 10 tugs and six launches.
Yun Lee Marine listed on the Hong Kong Stock Exchange in March 2019. Part of the proceeds of the listing were utilized in the purchase of New Legend, which is now a not-wholly owned subsidiary of Yun Lee Marine.
Yun Lee Marine is a maritime services provider in Hong Kong with over 20 years of operating history.
The company has been providing vessel chartering services in various marine-related infrastructure projects in Hong Kong, such as the Hong Kong-Zhuhai-Macao Bridge Project, the Three Runway System Project and the sediment disposal facility at Sha Chau.
Source:hongkongmaritimehub
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