CM Pacific not ruling out purchases outside China

Singapore

DESPITE its higher gearing now, Chinese toll road operator China Merchants Holdings (Pacific) still has headroom for acquisitions and is not ruling out purchases outside China, its chief operating officer Jiang Yan Fei said on Thursday.

Mr Jiang, who is also general manager, also said the Singapore-listed group was aware of potential further weakness in the Chinese yuan and plans to do more of its new borrowing in renminbi to manage foreign exchange risks.

He said this as the group, often abbreviated to CM Pacific, warned at a results briefing held at Raffles City on Thursday that it expected the operating environment in China to remain tough amid an e…