China Fibretech said on Monday that its wholly owned subsidiary Raffles (Chengdu) Investment and Development has signed a deal to form a consortium with China Railway Construction Corp. Ltd. 23 Bureau and Tianfu Railtech Valley to bid on infrastructure-related projects.
The consortium plans to bid for and secure infrastructure projects to improve accessibility and reduce environmental pollution, it said in a filing to SGX after the market close on Monday.
Currently, it is planning to bid for two tourist railway projects in mainland China, including the Bashan Railway, with a contract value of 280 million yuan and the Meishan Railway, with a contract value of 600 million yuan, China Fibretech said.
“With the formation of this consortium, the group aims at becoming a diversified infrastructure player and capitalizing on the OBOR initiatives in the region,” China Fibretech said. OBOR stands for One Belt One Road, which is China’s plan for a massive regional infrastructure build-out.
China Fibretech previously announced plans to invest in a build-operate-transfer rural road project in China, it said.
China Fibretech has previously announced that it plans to diversify its business toward infrastructure investments and projects, with a special general meeting to be held on 19 September on the move, the filing said. The company has also proposed changing its name to Raffles Infrastructure Holdings, which will need to be approved at the upcoming SGM, it said.
The company, based in Fujian Province in China, was primarily engaged in dyeing and post-processing treatment services for cotton, polyester and mixed knitted fabrics, it noted. But it added that with a new board in place, the company is “exploring opportunities to front new drivers of growth.”
The business activities of China Railway Construction Corp. Ltd. 23 Bureau, a wholly owned subsidiary of China Railway Construction Corp., include construction, survey, design, manufacturing, real-estate development, logistics and trading, it said.
Tianfu Railtech Valley is a technology company based in Chengdu, with its main business including research and development on new technologies to reduce tourist-related transportation pollution, with products for use in rail, automotive and industrial engineering, it said.