Company Briefs: China International Holdings

China International Holdings

Investment holding firm China International Holdings is selling the entire equity and debt interest in its subsidiary, Tianjin Xinzhong Property Development Co, for 460 million yuan (S$94 million).

The buyer is Beijing Hongkunweiye Property Development Co, which is involved in property management as well as property development in Tianjin, Beijing, Hebei and Hainan.

Tianjing Xinzhong Property Development Co holds the rights, powers, interests and benefits to a site at the North Shore of Cui Ping Lake Tourist District, in Tianjin. The 12.18ha site was bought in July 2010.

MTQ Corporation

Oilfield engineering services firm MTQ Corporation is selling the entire issued and paid-up share capital of its wholly-owned unit, MTQ Engine Systems (Aust) (MTQES) for an estimated A$17 million (S$17.8 million).

The buyer is Australian motor vehicle parts firm Bapcor.

MTQES was incorporated in Australia in 1999 and is mainly involved in sales and services relating to turbochargers, fuel injection parts and automotive performance parts in Australia.

Estimated net proceeds from the sale are about $17.7 million, MTQ Corporation said. It intends to use these to repay bank borrowings, for general working capital requirements of the group and to fund future business expansions, investments, and acquisitions when suitable opportunities arise.

Wilmar International

Brazilian energy company Raizen Energia and Wilmar International have formed a 50-50 joint venture, Raizen and Wilmar Sugar (RAW).

This is to meet the growing global demand for Brazilian very high polarization (VHP) sugar, the companies said. The joint venture will combine the strengths of Brazil's largest producer of VHP sugar with the world's leading trader of the commodity, they added.

Raizen's output of around three million tonnes of VHP sugar will be exported by RAW. This, together with Wilmar's existing sugar supplies in Brazil, will make RAW one of the largest exporters of Brazilian sugar to the world with a total volume of about 4.5 million tonnes annually.

RAW will be headquartered in Singapore and will conduct its sugar origination in Brazil through a wholly-owned subsidiary headquartered in Sao Paulo, Brazil.

A version of this article appeared in the print edition of The Straits Times on October 05, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe