China Infrastructure acquiring 25% stake in energy firm for US$6m
By Mok Fei Fei, LIVE 938 | Posted: 01 December 2009 1337 hrs

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SINGAPORE: Mainboard-listed China Infrastructure Holdings said Tuesday it is taking a 25 per cent stake in a Papua New Guinea energy-related firm for US$6 million.

China Infrastructure is doing so through its wholly owned subsidiary, Pinnacle China, which will hold the 25 per cent interest in Future Trillion Holdings Limited (FTHL).

FTHL has rights to a petroleum prospecting licence in Papua New Guinea to carry out an appraisal of petroleum discovery.

China Infrastructure said the latest move is a strategic investment for it to venture into the energy and natural resources business.

It is seeking new businesses to ensure its long-term growth and stability of earnings.

The funding for the investment is entirely from internal sources.

The firm added that the transaction is not expected to have any significant impact on its earnings for the current financial year.

- CNA/yb