JES to acquire 51% stake in Scibois

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 licen…