China Everbright International plans to become the principal shareholder of construction company Kumagai Gumi, Everbright officials have said. Trading in the two companies was suspended from yesterday morning pending an announcement. The move is the latest in a string of acquisitions by the China Everbright group, a company controlled by China's cabinet. China Everbright International financial controller Eddy Lo said his company is now negotiating to buy a substantial stake in Kumagai Gumi. 'The deal hasn't been finalised yet,' he said, adding an announcement is likely on Monday. He declined to give details. The company is likely to sell new stock to help fund the acquisition, company officials said.
