Shipowner Taiwan Navigation has snapped up a stake in compatriot boxship line Yang Ming.

The company said it took part in a private placement to acquire 19.08m shares at TWD 10.48 each, for a total spend of TWD 200m ($6.5m).

It has a 1.36% holding after a capital reduction.

Taiwan Navigation described the move as a strategic investment.

It ranks as the fifth-largest investor based on the latest move alone, but it is not clear if it already had shares in Yang Ming.

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