More than 700 CMB buses were sold for $335 million yesterday as lease negotiations for its Chai Wan depot remained unresolved.
The 710 vehicles will continue plying 88 routes from next month under the New World First Bus banner as China Motor Bus' franchise ends.
The deal, approved by CMB shareholders at an extraordinary meeting, includes assorted machinery, tools and other equipment used to maintain the vehicles.
'But the price does not include the depot, just the buses and some facilities. The depot was not mentioned at the meeting,' CMB spokesman Wan Wai-ying said.
The company said losing the franchise allowed it to concentrate on enhancing its property and development business.
First Bus spokesman Kwan Chuk-fai said the firm was happy with the deal but would not comment on whether the price was more than it wanted to pay.
He hoped negotiations over the leasing of the depot would be finalised by the end of next week.