25 Nov 2014 11:24
25 November 2014
IRC Completes Sale Of Amur River Bridge Project
Petropavlovsk PLC wishes to notify that IRC Limited ("IRC") has today announced that it has completed the sale of it's Amur River bridge subsidiary LLC Rubicon, as announced in October 2014, to Russian and Chinese development funds for cash consideration of RUB174 million (c.US$3.9 million).
The sale will ensure the quickest possible construction timetable for this new Sino-Russian trade link across the Amur/Heilongjiang River. IRC will benefit from a shorter and lower-cost route to market, whilst IRC's customers in north-eastern China will benefit from access to more frequent deliveries and a shorter-route to their operations than available from the traditional sea ports, lowering their working capital costs.
Further details may be found in the announcement of IRC Limited, available on its website www.ircgroup.com.hk
Enquiries
Petropavlovsk PLC Alya Samokhvalova Rachel Tuft
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