(Yicai Global) Jan. 8 -- Markor International Home Furnishings Co. and its subsidiaries plan to splurge almost USD30 million to buy stakes in two companies.

The Xinjiang-based firm is looking to buy out Rowe Fine Furniture Holding Corp. for USD25 million and take a 60-percent stake in M.U.S.T Holdings Ltd. for USD4.92 million, making both deals in cash, it said in a statement yesterday evening. The total value equates to 6.1 percent of Markor's net assets, according to its most recent audit at the end of 2016.

The deal will be a good match for M.U.S.T.'s high-end manufacturing resources and can help Rowe penetrate the mid- and high-end markets, the company said. 

M.U.S.T engages in production, sales and original equipment manufacturing its brand Jonathan Charles, and makes customized furnishings and hardware for hotels. 

Virginia-based Rowe is a reputable high-end home furniture maker that was founded over 70 years ago. It owns the brands Rowe and Robin Bruce and makes sofas, beds, chairs and other similar products.