appConfigEntityId

bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

hooksArticlePageAdvertisementConfigArticle

liveArticle

appConfig

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

sectionsV2

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

json

Shares of  Gay Giano International Group rose 15 per cent yesterday after the Hong Kong apparel retailer revealed plans to buy four highways  on the mainland for 460 million yuan (HK$514 million).
The proposed acquisition would be the firm's second  bid to diversify  into other sectors after chairman Louis Wong Pak-lam bought out founder Subraina Cheung Yin-sheung  in July last year to become its the largest shareholder.
Last month, the firm scrapped a plan to buy three metal mines  on the mainland after signing an initial accord in November last year.
Gay Giano, which will change its name to  Tai Yi Holdings, said  it had signed a framework  accord to buy highway projects in Jiangxi and Hunan  in cash and convertible bonds.
Projects to be bought include the 27.8km  Ganyi Highway linking Liren to Nanhang in Jiangxi's Longnan county,  and the 28.1km  Ganrun Highway from the end of Ganyi Highway to Zhongcunao on the   Jiangxi-Guangdong border.
The two highways  opened in 2004 and the operation rights are valid for another 21 years.
Gay Giano would also buy the 34.4km  still unfinished Pinghong Highway linking Pingxian city to Hongkoujie  on the border of Hunan.
Another project is the 31km  Airui Highway that  will link Ailing city to Ruijin city in Jiangxi. These two highways have 28-year operation rights.
Gay Giano will settle the deal by 25 million yuan in cash and 435 million yuan  in convertible bonds.
The three-year bonds  have an initial conversion price of HK$1.27305 or a 23 per cent discount to the company's last traded price of HK$1.66 on April 25 before the stock was suspended from trading.
Chief executive Terence Wong Kwong-lung said financial details of the proposed  deal would be available as soon as the formal agreement  was  sealed in the next two weeks.
Mr Wong also said the core business would be infrastructure. It would  seek investment opportunities in  ports, sewage treatment plants, water plants and other projects.
He said the company  was in talks with mainland wholesalers and retailers on possible co-operation to bring its Gay Giano, Cour Carre and Due G brands of apparel and fashion accessories to the mainland market.
The stock closed at HK$1.91 yesterday after it resumed  trading.



Gay Giano targets four roads for 460m yuan