Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Beijing Capital Group acquires Transpacific New Zealand

Beijing Capital Group acquires New Zealand’s leading integrated waste management business with the acquisition of Transpacific New Zealand

The Beijing Capital Group (“BCG”), a long standing member of China’s Top 500 Enterprises, is one of China’s leading State owned infrastructure enterprises with specialist expertise in water treatment, waste management, mass transit railway and toll roads. In addition, BCG is one of China’s most prominent real estate developers. BCG had in December 2013 total assets and revenues exceeding US$21 billion and US$3.7 billion respectively and employs around 20,000 people across its regional and international businesses.

BCG has entered into an agreement with Transpacific Industries Group Ltd (ASX:TPI) to acquire their New Zealand business, Transpacific New Zealand (TPI NZ), for NZ$950 million.

Mr. Wang Hao, Group CEO and Deputy Chairman of BCG, said that, “BCG’s acquisition of TPI NZ, which is its first ever investment in New Zealand and major acquisition outside China, represents a strategic investment into the country’s integrated waste management sector. The investment carries significant and mutual technical and commercial benefits for both companies and will open further strong commercial links between the New Zealand and Chinese markets. BCG believes substantial scope exists for cross border co-operation given the technical knowledge base of TPI NZ Management in areas such as landfill and local area environment management and the extensive scale of waste-sector investment opportunities in China and New Zealand.”

BCG operates major landfill in China and is a recognised leader in China’s solid waste treatment industry. It is also a key investor in major transport infrastructure around Beijing and one of the largest water companies in China, with a total water treatment capacity of nearly 15 million tons per day, serving a population of 30 million.

Completion of the sale is expected to occur by the end of June 2014, subject to the satisfaction of a small number of customary conditions precedent, including obtaining consent from the New Zealand Overseas Investment Office and Chinese regulatory approvals. These processes have commenced.

TPI NZ is the leading waste management company in New Zealand, with revenue of approximately NZ$369 million and earnings of approximately NZ$107 million in the 2013 financial year. TPI NZ has an established national network of vertically integrated local waste systems. The company has around 1,100 employees, 800 vehicles, 29 refuse transfer stations and 5 landfills.

The Management team of TPI NZ will remain in place with the company continuing to operate as usual and focusing on safety and quality waste solutions.

HSBC acted as financial advisor to BCG. Allens, Russell McVeagh and Jun He acted as joint legal counsel to BCG.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

OECD And Zero Carbon Reports: Environmental Pressures Rising In New Zealand

New Zealanders enjoy a high environmental quality of life and access to pristine wilderness. However, New Zealand’s growth model, based largely on exploiting natural resources, is starting to show its environmental limits with increasing greenhouse gas emissions and water pollution ... More>>

ALSO:

Statistics: Record Net Annual Migration Levels Continue

In the February 2017 year, 71,300 more migrants arrived in New Zealand than left, Stats NZ said today. This equalled the previous annual record set in January 2017. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news