Far East Consortium International has proposed injecting $30 million in cash and $200 million in assets into Chi Cheung Investment in a plan to take over and restructure the troubled company.
Far East wants to inject its interest in a 44 kilometre toll road in Zhengzhou, Henan province, and other assets into Chi Cheung.
Far East is the third suitor to begin a takeover bid for Chi Cheung, following an aborted offer by a consortium led by Peter Cheng Kar-shing and another by Chinese Estates (Holdings).
Far East managing director Michael O'Young said the stock exchange had indicated the proposal might constitute a spin-off of the toll-road project by the company or a new application for a listing of Chi Cheung.
A Far East spokesman said the company planned to turn Chi Cheung into its property and infrastructure arm after the restructuring.
However, he refused to disclose details of any other asset injection.
