Daewoo to Buy 49% Stake in Impinda

Daewoo Shipbuilding and Marine Engineering has signed an agreement to buy a 49% stake in South African shipping company Impinda.

Under the deal, Daewoo will transport coal, iron ore, oil and natural gas in South Africa and jointly manage Impinda to help it win more contracts for cargo shipment.

Impinda is in talks with three mining companies to transport raw materials.