Kowloon Motor Bus (Holdings) signed a letter of intent yesterday to set up Beijing's largest joint-venture taxi company, according to officials.
If the venture proceeds, it will be KMB's first foray into the mainland taxi business. It already provides bus services in Dalian and Tianjin.
KMB, Hong Kong's largest bus company, carries out franchised operations, mainly in Kowloon and the New Territories.
Represented by wholly owned KMC China, it signed a letter of intent to set up Beijing Auto Kowloon Taxi Company, with investment of 250 million yuan (about HK$234.3 million), according to its mainland partners.
The partners are Beijing Auto Industry Group, Beijing Bus Shareholding Company, Zhong Xin Auto Company and Nanjing Zhong Bei Group.
The shareholding breakdown was not revealed.