JES to acquire 51% stake in Scibois
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Lee U-Wen
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Singapore
MAINBOARD-listed JES International, a Chinese shipbuilding firm, announced yesterday that it has entered into a deal to buy 51 per cent of Scibois Co Limited. The sale and purchase agreement was signed with the current owners, father-and-son pair Yang Shushan and Yang Nan.
Scibois owns a 75 per cent stake in STE, a company incorporated in Congo. STE has been in the business of timber extraction for years in the African nation and holds a forest harvesting licence until May 2036.
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