Beijing Airport (694) to sell stake in airport equipment biz

    Beijing Capital International Airport (00694) said it agreed to sell to controlling shareholder Capital Airports Holding Company 60% of the total registered capital of Beijing Bowei Airport Support Limited for Rmb74.9 million.
  The target company is principally engaged in airport equipment manufacturing, airport equipment development, installation and maintenance, spare parts supply and technical advisory services; terminal, station and freight equipment operation and maintenance; professional contractor; elevator maintenance. It owns a land use right certificate of a parcel of land located at Beijing Airport with a total area of 15,972 square metres and the property ownership right certificate of the relevant property located at the above-mentioned land with a total gross area of 8,566.3 square metres. In addition, the target company also owns machineries, equipment, facilities, products, work in progress products (including facilities information, files, backup and office supplies etc).
  It is expected that Beijing Capital International Airport will record an estimate profit of about Rmb40 million (before taxation) from the disposal. Proceeds are intended to be used to replenish the general working capital of the company.