CIMC buys stake in drilling platform designer

Analysts question company's move into 'unfamiliar' territory

China International Marine Containers (Group) Co (CIMC), the biggest container provider in China, will purchase a 75 percent stake in Friede Goldman United (F&G) from Russia's MNP Group for $75 million to strengthen its marine engineering sector, the company said yesterday.

"The purchase is good for the implementation of our marine engineering development strategy," a statement to the Shenzhen stock exchange said.