CIMC picks up one third of Yantai

China International Marine Containers (CIMC) is picking up close to one third (29.9 %) of Yantai Raffles Shipyard Ltd. for $327 million, lower than the previously announced 566 million in March 2008.

Yantai’s Chairman Brian Chang agreed to lower the sale price from $6.92 to $4.00 a share in an agreement signed on 27 August with CIMC. The sale is expected to complete in October.

Chang will retain about 39.5 million shares, representing 14.4 % of Yantai’s issued share capital. He will also remain at the helm of the Chinese shipbuilder at least until 2012.