Minority shareholders of red chip GZI Transport have approved the planned acquisition of 49 per cent in Xian Expressway at an extraordinary general meeting yesterday.
GZI Transport would pay its parent and the expressway's majority shareholder, Yue Xiu Enterprise (Holdings), HK$173 million in the transaction, a company announcement said.
The price represented a 12 per cent discount to the present net value of the stake.
The expressway has a net value of HK$400.4 million.
GZI Transport said it would finance the acquisition with 'internal resources and bank borrowings', but did not elaborate.
The 20.1 kilometre four-lane class one expressway, which opened in December 1990, connects Shaanxi's provincial capital Xian with the world-renowned terracotta museum.