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Eric Ng

Catic (HK), the investment arm of China National Aero-Technology Import and Export, will inject technology-related businesses into newly acquired back-door listing vehicle, Far East Aluminium Holdings (FEAH).

 FEAH chairman Yang Chunshu revealed neither the timing nor specific details of the businesses to be injected.

 After the company's annual general meeting yesterday, he said Catic had advanced $10 million to FEAH.

 It suffered an attributable loss of $145.34 million last year and had bank borrowings of $35.76 million.

 Mr Yang said Catic would arrange an additional $50 million financing for FEAH.

 FEAH had no immediate share placement or rights issue plans, he said.

 The company has about $456 million of contracts on hand, some of which are from companies under the Cheung Kong (Holdings) Group, Mr Yang said.

 Catic now owns 51 per cent of Far East Aluminium, while Cheung Kong (Holdings) owns 9.14 per cent.

 Mr Yang said Catic and Cheung Kong had applied to the China Securities Regulatory Commission to acquire a controlling stake in FEAH as far back as 1993.

 In the wake of the financial turmoil, the lowered acquisition price of FEAH facilitated Catic's bid to acquire FEAH, he said.

 FEAH is to be renamed Catic International Holdings, assuming shareholders approval is secured.

  FEAH makes and installs fabricated aluminium products for buildings.



Catic takes metal supplier hi-tech