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14 Jun

NWS Holdings acquired interest in Hangzhou Ring Road

NWS Holdings Limited ("NWS Holdings" or the "Group"; Hong Kongstock code: 659) announced the signing of sale and purchase agreement with Widefaith Group Limited on 13 June 2011 for the acquisition of approximately 21.55% effective interest in Hangzhou Ring Road at a consideration of approximately US$226.85 million (approximately HK$1.769 billion). Completion of the acquisition will be subject to satisfaction of certain conditions.

Situated in Hangzhou City of Zhejiang Province, Hangzhou Ring Road has a length of 103.4 km with dual 2-3 lanes. 

NWS Holdings believes the acquisition will strengthen the Group's infrastructure portfolio which is in line with its corporate strategy and also in the interests of the Group and its shareholders as a whole.

NWS Holdings' Roads portfolio currently comprises 20 roads, bridge and related projects in Hong Kong and Mainland China including Guangdong, Guangxi, Shanxi and Tianjin. Altogether these road projects cover a total length of approximately 618 km.