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Daewoo Shipbuilding & Marine Engineering, the world's second-biggest shipbuilder, plans to buy a stake in a company owned by President Jacob Zuma's nephew.

Daewoo had signed a preliminary agreement to buy 49 percent of Impinda, it said yesterday in a statement.

Impinda is owned by Aurora Empowerment Systems chairman Khulubuse Zuma and a separate oil and gas explorer in the Democratic Republic of Congo. - Bloomberg