RCMW Group Inc (fka RCMW)

[steve5]

Chongquing Group shopping

http://fdi.gov.cn/pub/FDI_EN/News/Investmentupdates/t20100513_121625.htm


Three Big Projects of Overseas Acquisition by Chongqing State-Owned Enterprises Made Substantive Progress


2010-05-13


--------------------------------------------------------------------------------

It was known by the reporter from the 17th meeting of the Standing Committee of Chongqing Municipal People’s Congress on May 11 that the achievements of Chongqing state-owned enterprises’ “going abroad” are remarkable, with three big projects of overseas acquisition making substantive progress.
Based on introduction, at present, the acquisition of Australian iron ore by Chongqing Iron and Steel Group has been confirmed by the National Development and Reform Commission (NDRC) and approved by the Australian government without binding conditions, and the Group will gain more than 6-million-ton high-quality fine iron ores annually at a relatively low cost. Chongqing machinery & electronics holding group has gained 3 one-hundred-year bands and 5 world-class advanced technologies the acquisition of 6 subsidiaries of the Precision Technologies Group Ltd, which has been specially approved by the NDRC. Chongqing Grain Group invests RMB5.8b to have purchased 3-million-mu land in Brazil to construct the base of high-quality soy beans, which has entered the phase of preparing to report to the state ministries and commission for approval. Simultaneously, a large batch of projects of “going abroad” of such state-owned groups as Chongqing Express Development Co., Ltd, Chongqing Chemical& Pharmaceutical Holding Group Company, Chongqing Foreign Trade and Economic Cooperation Group and China Silian Instrument Group Corporation Limited all have made positive progress.