Singapore, 14 December 2011 – Singapore CPG Corporation (CPG Corp) today announced that it will be divested from Downer EDI Limited (Downer). Downer has signed a Share Sale Agreement with China Architecture Design and Research Group (CAG) to sell the CPG Corporation Group of Companies to CAG for A$147 million (S$192 million). The agreement is subject to Chinese Government regulatory approvals and is scheduled to be completed around the end of the first quarter of 2012. 

The agreement follows the announcement on 3 August 2011 that Downer was conducting a review of its general consultancy businesses – CPG Corp, CPG Australia and CPG New Zealand. While CPG Corp will be divested, CPG Australia and CPG New Zealand will remain part of the Downer Group. 

CPG Corp is a one of the leading development professionals in the Asia-Pacific region providing a full spectrum of building and infrastructure development and management services. Its potential owner, CAG, is a leading Chinese state-owned architecture and design institute. 

Mr Pang Toh Kang, President and Chief Executive Officer of CPG Corporation Pte Ltd said, “The result of the divestment clearly shows that CPG Corporation has grown steadily over the years and is being recognised as a high-value business. We look forward to working with the new owner to further expand our professional services in the promising Asia Pacific region.” 

“The synergy between CAG and CPG Corp is undeniable, especially with the long and proud history of both companies in their founding countries,” said Mr Xiu Long, President of China Architecture Design and Research Group. “CPG Corp’s strong corporate values and culture is highly valued as this is in line with our own corporate vision. This union also marks a significant milestone for us as we embark on the new journey. In the days ahead, we will work closely with CPG Corp to leverage on their existing expertise and continue to solidify our position as the leader in Asia’s architecture industry,” he added. 

Pang added “This divestment marks an important and exciting new milestone for CPG Corp. During the transition period, CPG Corp will continue to deliver quality work to its customers”. 

Mr. Xiu Long (left) of CAG with Mr. Grant Fenn (right) of Downer in the Divestment of CPG Signing Ceremony.