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.
Australia blocks Chinese buyout of builder over security concerns businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.
Buyer reported to be China State Construction Engineering Corp Would be 2nd move to clock Chinese buyouts since 2020 (Recasts on reported Chinese buyer, writes through)
SYDNEY, Jan 12 (Reuters) - Australia blocked a Chinese construction company from buying out a domestic builder involved in several high-profile projects, citing national security concerns, local media reported, a sign that tensions between the trading partners remain elevated.
The majority owner of Probuild, South Africa’s Wilson Bayly Holmes-Ovcon Ltd (WBHO), said in a Johannesburg stock market filing late Monday that “a major international construction and civil services company” pulled its offer after learning Australia’s foreign takeover regulator would reject it “on the grounds of national security”.
Josh Frydenberg's effective blocking of the Probuild takeover shows that China no longer gets the benefit of the doubt on foreign investment decisions.
China’s largest builder showcases BRI benefits with highways in Pakistan, Algeria
National
December 26, 2020
BEIJING: The China State Construction Engineering Corp, the largest Chinese builder, has announced completion of an infrastructure project each in Pakistan and Algeria, two economies that are participating in the Belt and Road Initiative.
“This marks the construction giant’s efforts to boost regional cooperation amid the COVID-19 pandemic,” China Daily reported.
According to CSCEC, the Sukkur-Multan Motorway, which is the largest transportation infrastructure project under the China-Pakistan Economic Corridor, was officially handed over to the Pakistani side last week.
The 392-kilometer-long motorway, also known as the M5 motorway in Pakistan, is part of the country’s Peshawar-Karachi Motorway and was designed for speeds of up to 120 km/hour with a total investment of about $2.89 billion. “The motorway opened to traffic in November last year and has greatly