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Japan firms invest in Brazil shipbuilder

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

Published Tue, Oct 22, 2013 · 10:00 PM
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[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 Mitsubishi Heavy Industries invest in Brazil's Ecovix-Engevix Construcoes Oceanicas, which has more than 5,000 employees.

"The initiative marks the first investment by a Japanese consortium consisting of shipbuilding companies and a trading company into a Brazilian shipbuilder," according to a press statement issued yesterday.

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