(14 June 2011, Hong Kong) NWS Holdings Limited (“NWS Holdings” or the “Group”; Hong Kong stock code: 659) announced the signing of sale and purchase agreement with Widefaith Group Limited on 13 June 2011 for the acquisition of approximately 21.55% effective interest in Hangzhou Ring Road at a consideration of approximately US$226.85 million (approximately HK$1.769 billion). Completion of the acquisition will be subject to satisfaction of certain conditions.
Situated in Hangzhou City of Zhejiang Province, Hangzhou Ring Road has a length of 103.4 km with dual 2-3 lanes.
NWS Holdings believes the acquisition will strengthen the Group’s infrastructure portfolio which is in line with its corporate strategy and also in the interests of the Group and its shareholders as a whole.
NWS Holdings’ Roads portfolio currently comprises 20 roads, bridge and related projects in Hong Kong and Mainland China including Guangdong, Guangxi, Shanxi and Tianjin. Altogether these road projects cover a total length of approximately 618 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 (Newton Resources, Tricor, Haitong and securities investments).
For further information, please contact:
NWS Holdings Limited
