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CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED

(601668)
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South Africa's WBHO says buyer drops bid for Australian construction firm

01/11/2021 | 05:57pm EDT

SYDNEY, Jan 12 (Reuters) - South Africa's Wilson Bayly Holmes-Ovcon Ltd (WBHO) said a potential sale of its 88% stake in Australian construction firm Probuild would not proceed after Australia rejected it citing concerns about national security.

The buyer terminated the deal after it was informed by Australia's Foreign Investment Review Board (FIRB) that its investment application in Probuild would not get approved, WBHO said in a statement on Monday.

The construction and engineering company did not specify the buyer's identity or the total value of the deal.

Australian media reported that China State Construction Engineering Corp had offered A$300 million ($231 million) for WBHO's stake in privately held Probuild.

"The government does not comment on the application of the foreign investment screening arrangements as they apply or could apply to particular cases," Australia Treasurer Josh Frydenberg said in an emailed response to Reuters.

WBHO said due diligence on the deal was completed and terms of the proposed transaction were otherwise materially agreed between the parties.

Australia in June said foreign investors would face greater scrutiny when bidding for sensitive assets, regardless of the size of the deal and whether the buyer was private or state-owned, as it unveiled the biggest shakeup of foreign investment laws in almost half a century.

Australia did not single out China, or any other country, when announcing the overhaul, but the Chinese government has previously raised concerns with Australia about changes to its foreign investment rules.

Japan's Kirin Holdings Co in August gave up on the sale of its wholly owned Australian dairy firm Lion-Dairy and Drinks Pty Ltd to China Mengniu Dairy Co saying FIRB was unlikely to approve the deal. ($1 = 1.2995 Australian dollars)

(Reporting by Renju Jose in Sydney Editing by Matthew Lewis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA MENGNIU DAIRY COMPANY LIMITED 0.60% 41.85 End-of-day quote.-10.58%
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED -0.66% 4.49 End-of-day quote.-9.66%
KIRIN HOLDINGS COMPANY, LIMITED -1.76% 2066.5 End-of-day quote.-15.10%
WILSON BAYLY HOLMES-OVCON LIMITED 2.52% 109.82 End-of-day quote.20.50%
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Financials
Sales 2021 1 809 B 279 B 279 B
Net income 2021 50 109 M 7 720 M 7 720 M
Net Debt 2021 233 B 35 935 M 35 935 M
P/E ratio 2021 3,76x
Yield 2021 5,20%
Capitalization 188 B 29 028 M 29 031 M
EV / Sales 2021 0,23x
EV / Sales 2022 0,19x
Nbr of Employees 356 864
Free-Float 42,2%
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Mean consensus BUY
Number of Analysts 12
Last Close Price 4,49 CNY
Average target price 7,55 CNY
Spread / Average Target 68,1%
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Managers and Directors
Xue Xuan Zheng President & Director
Yun Lin Wang Chief Financial Officer & Vice President
Zhi Ping Shi Chairman-Supervisory Board
Jin Li Senior Engineer
Chun Jin Yang Independent Director
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