The French company that bought a 50 per cent stake in the century-old Hong Kong Tramways last year has exercised its right to buy the remainder from Wharf Holdings.
Veolia Transport China, a subsidiary of Veolia Environment, and Wharf Transport did not disclose the price. Veolia first bought half the company and took over the running of the tram system last April, saying at the time that the price was 'far less than Euro100 million [HK$1.06 billion]'.
Daniel Cukierman, Veolia Transport China chief executive, said yesterday: 'From our very first approach to Wharf Transport, it has always been our intention to own the tram business fully. After nearly one year of management of the company, we are confident and ready to execute the option.'
He said the company was conscious that the tram was a cherished part of Hong Kong's heritage, and that the firm would take this into account while improving the network.
Veolia operates transport systems around the world, including tramways in 10 European countries.
Andrew Cheng Kar-foo, deputy chairman of the Legislative Council's transport panel, said: 'There has been no change in the operation of Hong Kong Tramways over the past year since Veolia bought a stake, so I do not think the new operator will ruin the character of our trams in the future. Veolia is a well-known transport operator. I hope they can improve the service of Hong Kong Tramways.'