CONTAINER leasing company Florens Group is a step closer to building its own containers in Shanghai.

An accord was struck yesterday between Florens and China International Marine Containers Group and two other partners to establish a US$50 million factory.

Florens Group would hold a 20 per cent stake while China International Marine Containers Group and China International Marine Containers Hong Kong would hold 52 and 18 per cent, respectively.

Shanghai Luo Nan Agricultural, Commercial and Industrial Corp, has eight per cent and German container manufacturer Graaff two per cent. The plant, to be called Shanghai CIMC Reefer Containers, is due to begin operating by the end of June next year.

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