IN BRIEF (Page 13)

ICBC buys ACL in $550m deal

Industrial and Commercial Bank of China (ICBC) said on Wednesday it had acquired 97.24 percent of Thailand's smallest lender, ACL Bank, for about $550 million after a tender.

The bank said the acquisition of ACL would be a platform for entering the fast growing market in the Mekong River region.

China Shipping Q1 net up 45%

Dry-bulk shipper China Shipping Development Co said first-quarter profit rose 45 percent to 458.4 million yuan ($67 million), as rates for hauling iron ore, coal and grains increased.

Cnooc restarts Huizhou output

Cnooc Ltd said it has restarted production from Huizhou fields off the coast of southern China. The fields were struck by Typhoon Koppu in September 2009, prompting Cnooc to shut production.

Reuters-Bloomberg

(China Daily 04/22/2010 page13)