13 Oct 2015 14:41
ZHEJIANG EXPRESSWAY CO LD - Voluntary AnnouncementZHEJIANG EXPRESSWAY CO LD - Voluntary Announcement
PR Newswire
London, October 13
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
ZHEJIANG EXPRESSWAY CO., LTD.(A joint stock limited company incorporated in the People's Republic of China with limited liability)(Stock code: 0576)
VOLUNTARY ANNOUNCEMENTIN RELATION TOACQUISITION OF 80.614% EQUITY INTEREST INZHEJIANG HANGHUI EXPRESSWAY CO., LTD.
Reference is made to the Company's circular dated 28 August 2015 (the "Circular") in relation to the Hanghui Agreement. Unless otherwise defined herein, terms defined in the Circular have the same meaning when used in this announcement.
It was disclosed in the Circular that "The consideration payable by the Company under the Hanghui Agreement was determined on the assumption that the toll collection rights period of the Hanghui Expressway as finally approved will be 25 years. As at the Latest Practicable Date, the toll collection rights period of the Hanghui Expressway is pending final approval by the relevant PRC governmental authorities. It is expected that such approval will be granted before 30 September 2015…".
On 13 October 2015, the Company received a letter from the Department of Transportation of Zhejiang Province (the "DOT"), pursuant to which, the DOT has worked with the relevant governmental authorities in Zhejiang Province to submit a proposal (the "Proposal") in respect of the toll collection rights period of the Hanghui Expressway to the Zhejiang Provincial Government for approval.
According to the Proposal:
(i) the toll collection rights period of the Hanghui Expressway is tentatively determined as 25 years;
(ii) the toll collection rights period of Changhua to Yulingguan of the Hanghui Expressway shall be commencing on 26 December 2004 and ending on 25 December 2029;
(iii) the toll collection rights period of Wangjiabu to Changhua of the Hanghui Expressway shall be commencing on 26 December 2006 and ending on 25 December 2031; and
(iv) the toll collection rights period of Liuxia to Wangjiabu section of the Hanghui Expressway shall be commencing on 26 December 2006 and ending on 25 December 2031.
The toll collection rights period of the Hanghui Expressway as set out in the Proposal shall be subject to the final approval of the Zhejiang Provincial Government.
On behalf of the Board ZHEJIANG EXPRESSWAY CO., LTD. ZHAN Xiaozhang Chairman
Hangzhou, PRC, 13 October 2015
As of the date of this announcement, the executive directors of the Company are: Mr.ZHAN Xiaozhang, Mr. CHENG Tao and Ms. LUO Jianhu; the non-executive directors of the Company are: Mr. WANG Dongjie, Mr. DAI Benmeng and Mr. ZHOU Jianping; and the independent non-executive directors of the Company are: Mr. ZHOU Jun, Mr. PEI Ker-Wei and Ms. LEE Wai Tsang Rosa.