Paul Y.-ITC Construction Holdings in a shuffling of its Australian business, is selling its wholly-owned Downer group subsidiary to International Pacific Investments for A$225 million (about HK$1.14 billion) in stock. The move effectively gives Downer a backdoor listing on the Australian stock exchange. Once the deal goes through Paul Y will own 96.8 per cent of listed International, whose name will be changed to Downer Group Ltd. Other businesses owned by International might be sold off. 'The directors of Paul Y.-ITC believe that future development and growth of the Downer group will benefit from its separate identity comprising the larger part of the group listed on the Australian stock exchange and being financed and managed independently,' the company said. The company also said it would create extra liquidity in International shares by selling down its holding or placing new shares. Downer has civil engineering, construction and mining services businesses operating mainly in Australia, New Zealand and Southeast Asian countries. It made profits after tax last year of A$20 million.