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Is there opportunity in construction?
âFrom my quick calculations, I’ve identified about 30 companies that could benefit directly from infrastructure rolloutâ: Chantal Marx from FNB Wealth and Investment.â
By Simon Brown
7 Apr 2021 08:59
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SIMON BROWN: Iâm chatting now with Chantal Marx. She is head of research at FNB Wealth and Investments. Chantal, morning. I appreciate your time. There is lots of talk around construction, around infrastructure spend. I chatted with PPC last week. In their update they said that they were seeing double-digit growth from … the July to February period. Is there opportunity on the JSE? We don’t have the same size construction industry that we used to back in the last boom around the World Cup, but we’ve still got some of the aggregate suppliers in cement and the like. Is there opportunity here?
China has lashed out at Australia for blocking a $300million deal that would have seen a Beijing-backed firm with links to the Chinese military in control of a major construction company.
Treasurer Josh Frydenberg shot down the offer made by state-owned China State Construction Engineering Corporation to acquire Australian-based company Probuild over national security concerns.
It s the latest escalation in a diplomatic spat between the two countries which have been at loggerheads since Australia called for an independent inquiry into the role of Chinese officials back in April, in the wake of the coronavirus pandemic which began in Wuhan in November 2019.
By ROD McGUIRKJanuary 13, 2021 GMT
CANBERRA, Australia (AP) Australia’s treasurer on Wednesday declined to comment on whether he had intended to block a Chinese state-owned company’s takeover of an Australian-based construction company in a development likely to increase strain on bilateral relations.
China State Construction Engineering Corp., one of the world’s biggest construction companies, had planned to buy South African-owned and Sydney-based Probuild for 300 million Australian dollars ($233 million).
But Probuild’s owner, Wilson Bayly Holmes, told the Johannesburg Stock Exchange this week that the Chinese suitor had withdrawn its offer because Australian Treasurer Josh Frydenberg would have blocked the sale.
A $300 million offer by a Chinese company to buy an Australian builder is withdrawn on the back of advice that Treasurer Josh Frydenberg and the Foreign Investment Review Board will declare the transaction a risk to national security and contrary to Australia's interest.