YueXiuTransport (01052) announced that XiangTong (the company's indirectly wholly-owned subsidiary) intends to sell its 60% equity interest in its target company Tianjin JinFu Expressway Co., Ltd.
Zhongtong Finance and Economics APP News, YueXiuTransport (01052) announced that XiangTong (the company's indirectly wholly-owned subsidiary) intends to sell its 60% equity interest in its target company Tianjin JinFu Expressway Co., Ltd. Due to the sale of equity being considered state-owned assets according to relevant Chinese laws and regulations, the potential sale will be conducted through public listing at the Guangdong United Equity Exchange Center in accordance with relevant Chinese laws and regulations on the sale of state-owned assets.
Since the establishment of the target company, it has been engaged in the construction, operation, management, and maintenance of the Jinxiong Expressway. Considering the remaining six years of the toll collection period, and the extension requiring regulatory approval and incurring additional capital expenditure, the company has evaluated its strategy and anticipates that the potential sale will generate immediate cash inflow. It is expected that the completion of the transaction will enhance the company's net profit.
