Two Hong Kong-listed mainland expressway operators, Zhejiang Expressway and Anhui Expressway, are looking for more projects, after solid rises in profits and revenue.
'We're increasing our efforts in search for suitable toll roads from our parent company for acquisition. Leveraging on the company's strong cash position, we're seeking investment opportunities. We are in negotiations to acquire some highways,' said Zhejiang Expressway chairman Chen Jisong.
The company's state-owned parent is Zhejiang Communications Investment Group.
In addition, Zhejiang Expressway is seeking possible investments in other businesses such as port logistics and property, said Chen.
However, Zhejiang Expressway deputy general manager Jiang Wenyao said it did not yet have firm investment plans.
As of the end of 2010, Zhejiang Expressway's current assets rose 9.9 per cent to 19.67 billion yuan (HK$23.26 billion), of which 30.5 per cent was in cash and bank balances. Its gearing ratio rose to 24.4 per cent at the end of 2010 from 22.5 per cent one year ago.
Anhui Expressway chairman Zhou Renqiang said, 'In 2011, the company will continue to increase investment, speed up construction, strengthen management, continuously explore investment opportunities and continue to expand the principal business.'