Zhejiang Expressway Co
2 January 2001
ZHEJIANG EXPRESSWAY COMPANY LIMITED -
CHANGE OF SHARE HOLDING
Zhejiang Expressway Company Limited (Hong Kong Stock
Exchange stock code: 576) announced that 476,760,000 State-
owned Shares previously held by Zhejiang Provincial High
Class Highway Investment Company Limited for the Ministry of
Communications of the People's Republic of China will be
held by Hua Jian Transportation Economic Development Centre.
Hong Kong, 28th December, 2000 -- Zhejiang Expressway
Company Limited (the 'Company) announces that Zhejiang
Provincial High Class Highway Investment Company Limited
('Provincial Investment Co.'), its holding company
originally interested in approximately 67% of the issued
share capital of the Company, and Hua Jian Transportation
Economic Development Centre ('Hua Jian') entered into a
State-owned Shares Transfer Agreement on 28th December, 2000
whereby 476,760,000 State-owned Shares, representing
approximately 11% in the issued capital of the Company
originally held by Provincial Investment Co. for the
Ministry of Communications of the People's Republic of China
will be held by Hua Jian and that within sixty days from the
date of the agreement, Hua Jian will assist Provincial
Investment Co. to complete the legal procedures in relation
to the transfer.
Upon completion of the share transfer, the shareholding of
Provincial Investment Co. in the Company will be reduced
from approximately 67% to approximately 56% of the issued
share capital of the Company and Hua Jian will hold
approximately 11% of the issued share capital of the
Company. The remaining 33% of the issued share capital of
the Company, being H Shares of the Company, will remain in
the hands of the public.
Company Information
The Company and its subsidiaries (the 'Group') are
principally engaged in investing in, constructing and
managing high grade roads. The Group also operates certain
ancillary businesses, such as automobile servicing,
operations of gas stations and bill board advertising along
expressways.
The H Shares of the Company were listed on The Stock
Exchange of Hong Kong Limited in May 1997, and subsequently
obtained a secondary listing on the London Stock Exchange in
May 2000.
The principal assets of the Group include the Shanghai-
Hangzhou-Ningbo Expressway and the Shangsan Expressway.
For further information, please contact:
Zhejiang Expressway Co., Ltd. Tel: (86)571 7987700
Mr. Gabriel Yu/ Tony Zheng Fax: (86)571 7950329
Citigate Dewe Rogerson Tel: (852)2533 4624
Ms. Romagers Chan Fax: (852)2524 5599
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