Forwarded from 📡Guardians of Hong Kong
According to reports, the Australian Ministry of Financial has rejected the Chinese state-owned enterprise China State Construction Company’s acquisition of an Australian construction company in response to national security risks
China state-owned enterprise China State Construction Group planned to acquisition Australian Construction Company Probuild up to 300 million USD, which is 23.4 million HKD. However, Australian Finance Minister Josh Frydenberg and Foreign Investment Review Committee believed that the trade may constitute risks of national security in Australia. This is not in the interests of Australia, the Australian Federal Government will veto the transaction, and China State Construction will eventually cancel the acquisition.
According to ABC, South African parent company of Probuild Wilson Bayly Holmes-Ovcon (WBHO) confirmed to the local media, China State Construction already cancel acquisition. The reason is Frydenberg, and Foreign Investment Review Committee thought that the trade is harmful to national security, so that Australian Government rejected the trade. WBHO also stated, they already communication with potential acquirer in very long time, both had reached consensus, but the transaction fell through.
Australian Financial Department had not response to report and indicated to not commenting on foreign investment review arrangements. Australian Acting Prime Minister McCormack confirmed that China Construction withdraw the acquisition but said it could not disclose the reason for the rejection of foreign investment review.
Source: Stand News #Jan12
https://bit.ly/33sXZU9
#Australia #NationalSecurity #China #Construction #Finance #Risk #Probuild #WBHO
China state-owned enterprise China State Construction Group planned to acquisition Australian Construction Company Probuild up to 300 million USD, which is 23.4 million HKD. However, Australian Finance Minister Josh Frydenberg and Foreign Investment Review Committee believed that the trade may constitute risks of national security in Australia. This is not in the interests of Australia, the Australian Federal Government will veto the transaction, and China State Construction will eventually cancel the acquisition.
According to ABC, South African parent company of Probuild Wilson Bayly Holmes-Ovcon (WBHO) confirmed to the local media, China State Construction already cancel acquisition. The reason is Frydenberg, and Foreign Investment Review Committee thought that the trade is harmful to national security, so that Australian Government rejected the trade. WBHO also stated, they already communication with potential acquirer in very long time, both had reached consensus, but the transaction fell through.
Australian Financial Department had not response to report and indicated to not commenting on foreign investment review arrangements. Australian Acting Prime Minister McCormack confirmed that China Construction withdraw the acquisition but said it could not disclose the reason for the rejection of foreign investment review.
Source: Stand News #Jan12
https://bit.ly/33sXZU9
#Australia #NationalSecurity #China #Construction #Finance #Risk #Probuild #WBHO
立場新聞 Stand News
據報澳洲財政部因應國家安全風險 拒絕中國國企中國建築 收購澳洲建築公司 | 立場報道 | 立場新聞
中國國企中國建築集團,計劃收購澳洲建築公司 Probuild,作價高達 3 億美元,即約 23.4 億港元。但...