IN BRIEF (Page 15)

Bright Food raises offer

Bright Food Group Co, Shanghai's biggest food company, raised its offer for CSR Ltd's sugar unit to A$1.75 billion ($1.6 billion) after the Australian group's plan to spin off the division was blocked.

CSR, Australia's second-biggest building-products maker, will open talks with Bright Food after rejecting an earlier A$1.5 billion bid as too low, the Sydney-based company said last Friday in a statement.

COSCO puts in big order

COSCO Shipping Co ordered 10 vessels from two domestic shipyards, the biggest investment since the 10-year-old company was established, China Securities News reported last Friday, citing Chief Executive Officer Han Guomin.

The multipurpose ships, with capacity of 27,000-ton each, will be delivered starting from June 2011, the report said.

Demand for steel restored

Baoshan Iron & Steel Co, China's biggest publicly traded steelmaker, returned to profit in the fourth quarter as the nation's stimulus package revived demand from makers of automobiles and appliances.

Net income was 2.11 billion yuan in the three months ended Dec 31, compared with a loss of 6.03 billion yuan a year ago, according to figures derived from the company's full-year report on the Shanghai stock exchange last Friday. That's lower than the third-quarter profit of 3.04 billion yuan.

Chalco plans spending spree

Aluminum Corp of China Ltd (Chalco), the nation's largest producer of the metal, is planning 14.6 billion yuan ($2.1 billion) of capital expenditure this year and is seeking investments in coal and power.

The company wants to buy coal mining rights in China and invest in aluminum plants in Saudi Arabia to benefit from cheaper power, Chairman Xiong Weiping said last Friday at a press conference in Hong Kong. Chalco will increase capital expenditure by 36 percent, including 3 billion yuan for overseas project, he said.

Return to profit for Jiangxi Copper

Jiangxi Copper Co, China's biggest producer of the metal, swung to a fourth-quarter profit from a year ago after prices rose amid the global economic recovery.

Net income was 623 million yuan for the three months ended Dec. 31, compared with a loss of 1.4 billion yuan a year ago, according to figures derived from the company's full-year statement to the Hong Kong stock exchange last Friday.

Copper prices jumped 76 percent in the fourth quarter as China's 4 trillion yuan stimulus spending boosted manufacturing growth. Chinese demand for the metal is weak now because of lackluster consumption from the power industry, Tongling Nonferrous Metals Group Co said March 5.

China Daily - Agencies

(China Daily 04/06/2010 page15)