Hong Kong-listed Singamas Container Holdings has spent just under HK$12 million to increase to 74 per cent its share in Shanghai Baoshan Pacific Container, a manufacturing plant. The company purchased an additional 35 per cent stake in Shanghai Baoshan from its majority shareholder Pacific International Lines (PIL), a regional carrier, through a share transfer valued at just over US$1.5 million. Singamas' vice-president of finance, Sylvia Tam Shuk-ping, said: 'It was decided that it was probably better for us to control Shanghai Baoshan as we are specialists in container manufacturing, whereas PIL is in the shipping business.' The deal brings to about US$26 million the value of assets Singamas has bought in the past year. Shanghai Baoshan, a dry and specialty container manufacturing plant, has the capacity to produce about 50,000 units a year. Combined with Singamas' other factory in China's financial hub, its Shanghai Pacific International Container, it now can produce about 130,000 containers a year from the area. 'The increase in equity in Shanghai Baoshan not only strengthens our presence in the container manufacturing business, it also improves our overall efficiency and cost effectiveness,' said chairman Chang Yun-chung. Ms Tam estimated that the listed company's total box production would exceed 300,000 units this year, beating last year's total by more than 50 per cent. She believed the company would become the world's second-biggest producer of containers.