NWS Completes Acquisition of 95% of Hangzhou Ring Road
NWS Holdings Limited ("NWS") announced that it has completed the four-stage acquisition of 95% effective interest in Hangzhou Ring Road ("HZRR"), following the completed acquisition of 75% of the total issued shares of Widefaith Group Limited ("Widefaith") on 6 January 2012. This marks an important milestone in NWS's strategy of strengthening its infrastructure portfolio and shareholder value.
With the completion of the transaction, NWS now indirectly owns 100% of the total issued shares in each of Widefaith and Chinese Future Corporation, which together represent 95% effective interest in the project company engaging in the operation of HZRR.
The acquisition of HZRR represents a significant addition to NWS's road portfolio and alignment of its corporate investment strategy. It will also increase NWS's presence in Zhejiang Province, enabling it to step up its investment in the Yangtze River Delta region.
Situated in Hangzhou City of Zhejiang Province, HZRR has a length of 103.4 km and is one of the longest and busiest dual two-to-three lanes expressways in the Yangtze River Delta Region. The ring road is connected to several major national expressways and links up Hangzhou's neighbouring provinces and cities such as Shanghai, Nanjing, Ningbo and Suzhou.
NWS's roads portfolio currently comprises 21 roads, bridges and related projects in Hong Kong and Mainland China, including Guangdong, Guangxi, Shanxi, Zhejiang and Tianjin. Altogether these projects cover a total length of approximately 721 km.