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Zhejiang Expressway Co Ltd Announces Acquisition Of Aggregate 76.55% Equity Interest In Zhejiang Jinhua Yongjin Expressway Co., Ltd.


Tuesday, 19 Mar 2013 06:16pm EDT 

Zhejiang Expressway Co Ltd announced that on March 20, 2013, the Company entered into the Communications Group Agreement with Communications Group pursuant to which the Company conditionally agreed to purchase from Communications Group a 66.283% equity interest in Zhejiang Jinhua Yongjin Expressway Co., Ltd. (the Target Company) held by Communications Group at a cash consideration of RMB655,356,327 (equivalent to approximately HKD809,081,885). On the same date, the Company entered into the Yiwu Agreement with Yiwu Development pursuant to which the Company conditionally agreed to purchase from Yiwu Development a 10.267% equity interest in the Target Company held by Yiwu Development at a cash consideration of RMB101,512,354 (equivalent to approximately HKD125,323,894). As the Company currently owns a 23.45% equity interest in the Target Company, upon completion of both Acquisition Agreements, the Company will beneficially own the entire equity interest in the Target Company. 

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