SIIC purchases stake in South African firm Omega Holdings

Shanghai Industrial Investment (Holdings) Co (SIIC), the parent company of Hong Kong-listed Shanghai Industrial Holdings, said it had spent 101 million rand (about HK$165 million) to buy 28 per cent of South African company Omega Holdings. Listed on the Johannesburg stock exchange, Omega Holdings distributes audio-visual electronic products. SIIC yesterday said it was establishing, in conjunction with other corporations in Shanghai, a manufacturing base in South Africa to manufacture products in the domestic market in which Omega would be granted sole distribution rights for those products. SIIC, the investment arm of the Shanghai municipal government, did not identify what the products were.