Green Island pays $53m for control of Canadian firm

Green Island Cement (Holdings) has acquired a 65 per cent stake in a Canadian asphalt company for C$10 million (about HK$53.67 million.) Green Island, a wholly owned subsidiary of Cheung Kong Infrastructure, bought 21.75 million common shares of Polyphalt through a private placement at 46 cents a share.

Polyphalt, formed in 1992, mainly develops novel polymer modified asphalt products.

Cheung Kong Infrastructure said the acquisition came after it had completed its purchase of electricity investments in South Australia, and the formation of an alliance with Japan's Itochu to bid for a liquefied natural gas project in Guangdong province.

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