China’s Shenzhen International Holdings Ltd (HK:0152) announced its plan on Tuesday to increase its stakes in Shenzhen Expressway Co Ltd (HK:0548) by 2% for as much as RMB400 million (US$58 million), according to Expressway’s statement.
The transaction would be made via Shenzhen International’s subsidiary, according to the statement. The company owns 1.24 billion shares, or 51.52%, of Expressway before the acquisition.
In August, Expressway announced better-than-expected first half result of 2018, with daily average revenue jumped 10.2% year-on-year from its acquired highway S3 connecting Guangzhou and Shenzhen.
Expressway’s project at Meilian checkpoint, contracted to be built by Vanke, will start pre-sale before end of this year.
Shenzhen International Holdings’ shares inched up 0.7% following the news, while Expressway jumped 2.2%.
