ALLIED Industries International is seeking more business deals in China to make use of about $800 million cash realised from the disposal of subsidiaries last year.
Speaking after a special general meeting called to approve subsidiary Santai Manufacturing's share swap with Shenzhen Electronics Group, chief executive Brian O'Connor said Allied was keen to link up with mainland companies.
''We'll fulfil our plan either by asset purchases or by entering joint ventures with mainland firms, and we just began using the proceeds from the disposals,'' he said.
''Our objective is to re-operate the company from the previous corporate structure to focusing on selected industries in China.
''We'll assess the possibility of having the identified industries included in our portfolio.'' Proceeds from sold subsidiaries put ''elsewhere'' could generate a better income than where they were now, he said, citing as an example the disposal of Guardforce in November last year.
''We've already created an additional value for Guardforce which we took over in 1987, so we could fetch a good price for the company,'' he said.
