Cosco Singapore buys 50% in Mainland ship repair affiliate

Singapore-listed Cosco Investment Singapore (CIS) is to pay $14.4 million dollars for 50% in Chinese ship-repair company Nantong Ocean Ship Engineering Company (NOSEC).The move will position NOSEC to raise capital more easily after China's accession to the World Trade Organization, expected some time next year. The expected increase in trade following accession should contribute to an increase in the ship-repair business.The 50% stake CIS is acquiring is currently divided equally betw…