Xugong Construction Machinery Science & Technology Co, controlled by China's biggest building-equipment maker, will buy assets including stakes in crane and heavy-machinery producers for 5.3 billion yuan (US$777 million).

The company will issue 322.4 million new shares to parent Xugong Group Construction Machinery Co in exchange for control of five units, it said in a Shenzhen Stock Exchange statement yesterday.

(Shanghai Daily September 25, 2008)