Road King Infrastructure's first quarter toll-road revenues rose 5 per cent year on year, according to managing director Ko Yuk Bing. He was speaking after the company's annual meeting, which granted it the right to repurchase up to 10 per cent of its own shares. Shares in the mainland toll-road operator have been trading below its net asset value of about HK$7.50 per share for some time. The shares closed yesterday at HK$3.75. Meanwhile, the company said it was still pursuing payment by the government of Yulin city in the Guangxi Zhuang Autonomous Region to cover the shortfall on a minimum income level guaranteed by the authorities from a toll road there. Chairman William Zen Wei-pao (above) said the company had been in talks with the vice secretary-general of the Guangxi government over the payment recovery but declined to give details. The payment totalled more than 20 million yuan (about HK$18.71 million) and had been overdue for about 1.5 years. He said the Yulin municipal government was cash-strapped.