GBRE changes hit brick wall

The proposed reorganisation of Greater Beijing Region Expressways (GBRE) has been rejected by one of its shareholders, Always Win Developments, which disapproves of the current management and shareholding structure.

Always Win claimed that its shareholding in GBRE 'has been wrongfully, unlawfully and continuously diluted' and that it 'totally' disagreed with the contents of a statement on the reorganisation by GBRE earlier this week. Always Win also disputed the level of its shareholding in GBRE.

A subsidiary of GBRE, Greater Beijing First Expressways, is in liquidation.