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Provider: Thomson Reuters Stock Report
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Provider: Thomson Reuters Stock Report
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Provider: Reuters Investment Profile
$20.00
Provider: Reuters Investment Profile
$20.00

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Sichuan Expressway Co Ltd Announces Formation Of Joint Venture


Thursday, 16 May 2013 06:13am EDT 

Sichuan Expressway Co Ltd announced that on May 16, 2013, the Company and Trading Landmark entered into the Capital Contribution Agreement, pursuant to which the parties agreed to establish Renshou Landmark with a registered capital of CNY200,000,000. Upon completion of the Capital Contribution Agreement, Renshou Landmark will be owned as to 91% and 9% by the Company and Trading Landmark respectively. Subject to the registration and approval by the relevant company registration authorities, the scope of business of Renshou Landmark covers real estate development; property demolition; greening projects; municipal projects; urban land consolidation; property services; project investment and management; asset management; hotel business management services; wholesale and retail of building materials and hardware; general merchandise retail and wholesale; and rental of property. As at the date of this announcement, Trading Landmark is held by the Company, STI Group, Sichuan Highway Development and Sichuan Ganghang as to 15%, 30%, 25% and 30% respectively. Since STI Group, which wholly owns both Sichuan Ganghang and Sichuan Highway Development, holds approximately 31.88% of the issued share capital of the Company, it is a controlling shareholder (as defined under the Listing Rules) and thus a connected person of the Company. Accordingly, as Trading Landmark is indirectly owed as to 85% to STI Group. 

Company Quote

3.1
0.03 +0.98%
2:59am EST