Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Foreign investment proposal: CRA limited/Australian Biotechnological Holdings Pty Limited and Techno-Proteins Pty Ltd



Download PDFDownload PDF

I

TREASURER

PRESS RELEASE NO. 24

EMBARGO IMMEDIATE RELEASE I U . 9 I

STATEMENT BY THE ACTING TREASURER, SENATOR THE HON DAME MARGARET GUILFOYLE, DBE

FOREIGN INVESTMENT PROPOSAL

CRA LIMITED/AUSTRALIAN BIOTECHNOLOGICAL HOLDINGS ΡΊΎ LIMITED AND TECHNO-PROTEINS PTY LTD

The Government has approved a foreign investment proposal by

CRA Limited to acquire all the shares in Australian

Biotechnological Holdings Pty Limited and to acquire the

assets of Techno-Proteins Pty Ltd.

The proposal comes within the scope of the Foreign Takeovers

Act and has been examined, against the criteria laid down

under foreign investment policy, to ensure that it is not

contrary to the national interest.

Both Australian Biotechnological Holdings and Techno-Proteins y

are predominantly Australian owned and controlled companies

engaged in biotechnology research and development. Australian

Biotechnological Holdings is a leader in research in the

continuous fermentation of starch to form yeast and ethanol.

It is undertaking the development of a continuous fermentation

process for production of ethanol on behalf of an associated

company, Australian Ethanol Fuels Pty Ltd. The technology

developed by these companies is significant for its potential

as alternative sources of food and energy.

2

CRA plans to xenter the field of biotechnological research

and development on a substantial scale, and the two businesses

to be acquired will form the nucleus for expansion in this

area. CRA has informed the Government of its plans for

investment in this high risk industry over the next few years.

In addition to CRA1s commitment to increasing its current

level of Australian ownership of 39% to 51%> it will offer

up to 25% equity in its biotechnology research company to

Australian employees of that company.

The proposal is seen to provide economic, benefits through

the large investment planned by CRA which would help to

secure the establishment in Australia of a technologically

advanced and internationally competitive biotechnological

industry.

CANBERRA ACT 13 February 1981