China International Marine Containers (CIMC) has signed with China Advanced Manufacturing Investment Fund, a new industrial investment fund led by China’s National Development and Reform Commission (NDRC), Ministry of Finance, and Ministry of Industry and Information Technology (MIIT) to develop its offshore business.
The fund, which is managed by Beijing’s SDIC Fund, will raise RMB20bn ($3.03bn) for the phase one project, and RMB600m of the amount will be invested by the central government. CIMC Offshore will become the first offshore equipment manufacturing company invested by the fund.
CIMC’s offshore yard CIMC Raffles is currently facing financial difficulties amid the recession on the offshore market. It is now looking to layoff employees to cut down cost.
The group’s subsidiary CIMC Enric also recently terminated the takeover of Sinopacific Offshore.
