Text of a Letter to the Speaker of the House of Representatives and the President of the Senate, Executive Order on Amending Executive Order 13959–Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies
Australia Rejects $300M Chinese-Bid for Construction Giant Probuild
A multi-million dollar bid by one of the world’s largest construction firms to acquire a majority stake in Australian-based Probuild has been blocked by the foreign investment regulator and Treasurer Josh Frydenberg.
The almost $300 million bid by the state-owned China State Construction Engineering Corporation (CSCEC) to acquire an 88 percent stake in Probuild was rejected on “the grounds of national security” by the Foreign Investment Review Board (FIRB).
According to an investor notice from current Probuild owner, South Africa-based Wilson Bayly Holmes-Ovcon (WBHO), the Chinese firm withdrew the proposed investment after it was advised the federal government would reject its application.
The chief unmanned systems expert at the defence analytics firm Janes says the find came as a surprise, as its location was far away from China’s maritime claims.