May. 28, 2012 (China Knowledge) - China
Architecture Design & Research Group (CAG), a State-owned architecture and design institute, announced yesterday that it has completed the takeover of the entire stake in Singapore-based CPG Corp.
The Chinese institute acquired CPG from Australian-based engineering giant Downer EDI for A$147 million.
CAG said the purchase of CPG, an architectural design company, will help it expand in the overseas construction engineering market.
CPG, born out of the corporatization of the Singapore Public Works Department in 1999, is a leading infrastructure & building development and management services provider in Asia Pacific. As of the end of Jun. 2011, the company had total assets of S$201 million and net assets of S$141 million.