IN BRIEF (Page 13)

Purchase plan for coal firm

Yanzhou Coal Mining Co Ltd, China's fourth-biggest producer of coal, plans to buy the Australian-based Gloucester Coal Ltd for at least $2 billion, a person with knowledge of the matter said, in what would be its second-largest acquisition.

The cash-and-stock bid for Gloucester, which has a market value of A$1.4 billion ($1.4 billion), will be made by Yancoal Australia, Yanzhou Coal's Brisbane-based unit, the person said, asking not to be identified.

CNPC refinery starts in Niger

China National Petroleum Corp (CNPC) started production at a 20,000 barrel-a-day oil refinery in Zinder, Niger, the company, which built the plant, said in its online newsletter on Tuesday.

CNPC said in 2008 it would invest $5 billion over three years to develop the Agadem oil field in Niger, and build a processing plant.

Hainan Airlines' takeover

Hainan Airline Group said on Tuesday that it had completed the $1.05 billion acquisition of GE SeaCo venture, the world's fifth-largest container-leasing enterprise, which was previously owned by General Electric Co.

The group also said it will make further overseas acquisitions next year and 40 percent of the company's total assets will be in foreign markets in the next three to five years.

South Beauty set to expand

The Chinese restaurant operator South Beauty Co Ltd will quicken its overseas expansion this year to promote its brand in the international market, top managers said on Tuesday.

The company will open its first branch in Taiwan in January and has adopted a new menu for the mainland, said Danny Wang, South Beauty CEO. It also plans to open two outlets in Singapore in April.

China Daily - Agencies

(China Daily 12/21/2011 page13)