(Yicai Global) March 10 -- Centre Testing International Group, a Chinese third-party certification and testing firm, plans to buy marine fuel laboratory Maritec for SGD54.9 million (USD40 million) and foster closer ties between the two companies.

Maritec is a profitable market share leader in the global marine fuel testing sector and has offices in Japan, Italy and Greece, Shenzhen-based CTI said in a statement yesterday, adding that the acquisition will lead to greater integration between CTI's products and services and Maritecs own offerings.

Shares in CTI [SHE:300012] closed 4.2 percent higher today at CNY16.39 (USD2.36).

The purchase will help CTI quickly join the fast-growing Asia-Pacific marine fuel service market, according to the statement, which added that marine fuel consumption in the region makes up over 45 percent of the global total.

Editor: James Boynton