China Communications Construction Company (CCCC) (01800) said it entered into a cooperative development agreement with controlling shareholder China Communications Construction Group (Limited) (CCCG) and Suzhou Rongheyuan Trading Limited to establish a project company with an aim to develop a parcel of land located in Zhuyuan Road, New District, Suzhou.
The registered capital of the project company, after completion of relevant capital contribution and equity transfer procedure, will be Rmb300 million, in which CCCC, CCCG and Rongheyuan Company will hold 33%, 34% and 33% respectively. Each of CCCC, CCCG and Rongheyuan Company will contribute Rmb99 million, Rmb102 million and Rmb99 million to the project company.
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