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China State Construction to control HK-listed Far East

Feb. 7, 2012 (China Knowledge) - China State Construction Engineering Corp Ltd<601668> said last Sunday that its major subsidiary China State Construction International Holdings Ltd<3311> will acquire a controlling stake in Hong Kong-listed Far East Global Group Ltd<0830> at a consideration of HK$640 million.

Pursuant to an agreement inked between China State Construction International and Far East Global on February 2, the buyer will purchase 1.04 billion new shares issued buy Far East Global for HK$0.62 apiece to have a 51% stake in the issuer.

If the buyer makes an offer for overall acquisition, the price will increase to HK$1.18 apiece, said a person familiar with the matter.

Far East Global, a real estate developer with projects mainly in North America, China and other regions in Asia, reaped HK$115 million in net profit and HK$867 million in operating revenue last year.

Last May, the company spent US$28 million to acquire 55% equity interests of Red Holdings Group Inc, a U.S.-based external wall decoration company.  

As of June 30, 2011, Far East Global had HK$565.28 million in unaudited net asset.

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