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Japan firms invest in Brazil shipbuilder

They take 30% stake for 30b yen to capitalise on newly found oil reserves

[TOKYO] A Japanese consortium yesterday said that it would buy a 30 per cent stake in a Brazilian shipbuilder as it eyes the lucrative market for resource-exploration vessels. The deal, reportedly worth about 30 billion yen (S$378 million), would see five firms including Imabari Shipbuilding and