Main Developer of SIP Expands Capital and Shares
On September 2, officials of SIP Administrative Committee announced that China-Singapore Suzhou Industrial Park Development Co., Ltd. (CSSD) completed the procedure of increasing registered capital and expanding shares, and that the shareholders were increased from original 2 to the present 5 shareholders.
CSSD, founded as the main developer of SIP with joint investment of the Chinese consortium and Singaporean consortium with a registered capital of 100 million USD, has played a critical role in the development and construction of SIP. Its has been making profit for 4 successive years, and by the year 2003, all its accumulated deficits had been offset. Considering its good economic results and according to the further requirements and growth target on CSSD and SIP put forward by the leaders of China and Singapore, CSSD is preparing for its public listing in the nearest future.
The current expansion of shares and registered capital is an important step towards the imminent listing. The added registered capital, US$ 25 million in amount, was contributed by the 3 new shareholders, namely, CPG Corporation Pte Ltd., Hong Kong & China Gas Investment Ltd., and SND Hi-tech Industries Stock Co., Ltd. After the expansion of shares, the Chinese consortium will hold 52% shares, the Singaporean Consortium 28%, and the 3 new shareholders 20%.
It was learned from sources in Sipac that after the expansion of shares, CSSD will continue to play the role of the main developer of SIP within the framework of Sino-Singapore cooperation, improve its management performance, and attempt to realize public listing as early as possible so as to make greater contributions to the development blueprint of SIP for the next ten years. Recently, CSSD invested 605 million yuan RMB in SIP Public Utility Development Group Co., Ltd. and became the biggest shareholder of the company with 50% shares, while the registered capital of the company was increased from 121 million to 806 million RMB. The fact signals another upsurge in the construction of urban utilities and infrastructure in SIP.
September 5, 2005