January 8 - Jiangsu Rainbow Heavy Industry (RHI) has revealed plans to acquire a 34.99 percent share in Hunan Haisheng Heavy Industry from two separate shareholders.

According to reports in the international media, Hunan Haisheng Heavy Industry has been suffering losses for two consecutive years now.

RHI, which specialises in material handling, heavy lift and offshore engineering equipment, said in a stock exchange announcement that the acquisition was in line with the company's strategy and would help to expand and improve its product offering.

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