Salcon gets 40% partner for China venture
Water and waster water engineering company Salcon has got a 40% partner for its China concession, which will subsequently be listed on the Hong Kong Stock Exchange in the next two to three years. The company signed a deal, in Petaling Jaya yesterday, with Emerging Markets Infrastructure Fund Pte Ltd (EMIF) to sell a 40% stake in its China unit, Salcon Water (Asia) Ltd (Salcon Asia), to the latter for RMB238m. EMIF is an infrastructure fund managed by Mitsui & Co Ltd and Challenger Financial Services Group. Salcon Asia's project portfolio comprises six concessions that operate raw water, water and wastewater businesses in Shandong, Zhejiang and Fujian provinces. Another two concessions are expected to be injected into the company in early 2011. Three of the six concessions have raked in RM60m in revenue, and this figure is expected to double by 2012. The sale allows Salcon to recoup its investments in the six concessions since it entered China in 2004. (BT)
Texchem excited by China's appetite for seafood products
Texchem Resources plans to invest more in aquaculture activities over the next 10 years to meet rising demand from markets like China. While no definite investment figures were revealed, chairman Tan Sri Fumihiko Konishi said one or two fishmeal processing factories are likely to be set up in Indonesia in a few years. (BT)
IJM Land and MRCB shares suspended, they are to announce potential corporate exercise today
Market talk of a potential merger, or takeover, involving IJM Land and Malaysian Resources Corp Bhd (MRCB) has intensified with the suspension of the shares of IJM Land, its parent IJM Corp Bhd and MRCB since 9am yesterday pending a material announcement on a potential corporate exercise. The companies are expected to announce details of the corporate exercise later today. There are various possibilities how the exercise will be carried out. One involves the merger of IJM Land and MRCB into a new entity and the other is via the takeover route (StarBiz)
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