SINGAPORE, May 22 (UPI) -- SembCorp Marine Ltd. of Singapore said Monday it has more than doubled its stake in shipyard operator Cosco Corp. to 8.17 percent.
The world's No. 2 oil rig maker paid $76 million to boost its holdings in the Chinese company from 3.17 percent to 8.17 percent, Channel News Asia reported.
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Cosco runs five shipyards in China, Dalian in the north, Nantong, Shanghai and Zhoushan in the center, and Guangzhou in the south.