(11 January 2012, Hong Kong) NWS Holdings Limited (“NWS Holdings” or the “Group”; Hong Kong stock code: 659) today announced that it has completed the four-stage acquisition of 95% effective interest in Hangzhou Ring Road (“HZRR”), following the completed acquisition of 75% of the total issued shares of Widefaith Group Limited (“Widefaith”) on 6 January 2012. This marks an important milestone in the Group’s strategy of strengthening its infrastructure portfolio and shareholder value.
With the completion of the transaction, the Group now indirectly owns 100% of the total issued shares in each of Widefaith and Chinese Future Corporation, which together represent 95% effective interest in the project company engaging in the operation of HZRR.
The acquisition of HZRR represents a significant addition to the Group’s road portfolio and alignment of its corporate investment strategy. It will also increase the Group’s presence in Zhejiang Province, enabling it to step up its investment in the Yangtze River Delta region.
Situated in Hangzhou City of Zhejiang Province, HZRR has a length of 103.4 km and is one of the longest and busiest dual 2-3 lanes expressways in the Yangtze River Delta Region. The ring road is connected to several major national expressways and links up Hangzhou’s neighbouring provinces and cities such as Shanghai, Nanjing, Ningbo and Suzhou.
NWS Holdings’ roads portfolio currently comprises 21 roads, bridges and related projects in Hong Kong and Mainland China, including Guangdong, Guangxi, Shanxi, Zhejiang and Tianjin. Altogether these projects cover a total length of approximately 721 km.
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This press release is also available on the Group’s website ( www.nws.com.hk).
NWS Holdings Limited (“NWS Holdings”, Hong Kong stock code: 659), the infrastructure and service flagship of New World Development Company Limited (Hong Kong stock code: 17), embraces businesses in Hong Kong, Mainland China and Macau. Its Infrastructure portfolio includes Roads, Energy, Water and Ports & Logistics projects. Its Services division comprises Facilities Management (the management of Hong Kong Convention and Exhibition Centre and Free Duty), Construction & Transport (Hip Hing Construction and bus and ferry services) and Strategic Investments (Tricor, Haitong and securities investments).
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NWS Holdings Limited
