HKC (Holdings) (00190) said it agreed to sell the entire issued share capital of HKC Guilin Expressway Limited as well as shareholder's loan for Rmb332 million to Cornerstone Holdings Limited.
The target company owns a project company, which was principally engaged in the construction and operation of a toll road in Guilin, the PRC on a Build-Operate-Transfer contract.
It is estimated that the HKC Group would record, after the transaction costs, a gain of about HK$98.9 million (before taxation) from the disposal. It is expected that there would be a net proceeds of about Rmb252 million.
The purchaser is an investment holding company and is the parent company of China Merchants Holdings (Pacific) Limited, which is a leading toll road company focused on investing in and managing toll roads in the PRC.
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