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BOC invests 6m yuan in high-speed rail
By Zhang Fengming |
April 1, 2010, Thursday
|
Online Edition
Online Edition
BANK of China will invest 6 billion yuan (US$878 million) in the company that will build and run the high-speed railway linking Shanghai and Beijing.
The bank's Hong Kong-based subsidiary Bank of China Group Investment has agreed to buy a 4.5 percent stake in Beijing-Shanghai High-Speed Railway Co with its own foreign currency worth 6 billion yuan, the third biggest bank in China told Shanghai Stock Exchange today.
"The investment can generate reasonable returns for the bank and help the bank diversify its business," the Beijing-based bank said. "The bank can grab opportunities to ride on China's expanding railway projects through the deal."
Bank of China Group Investment is buying the stake from Railway Ministry-owned China Railway Investment Corp, the biggest shareholder of the Beijing-Shanghai High-Speed Railway.
China Railway Investment said earlier in March that it plans to sell the stake to raise more money for future construction.
The deal is pending approvals from the National Development and Reform Commission, the Ministry of Commerce and other related regulators.
The 220.9-billion-yuan project with a total length of 1,318 kilometers started in April 2008 and is scheduled to complete within five years.
The bank inched up 0.47 percent to 4.31 yuan in Shanghai today. The benchmark Shanghai Composite Index gained 1.23 percent to 3,147.42.
The bank's Hong Kong-based subsidiary Bank of China Group Investment has agreed to buy a 4.5 percent stake in Beijing-Shanghai High-Speed Railway Co with its own foreign currency worth 6 billion yuan, the third biggest bank in China told Shanghai Stock Exchange today.
"The investment can generate reasonable returns for the bank and help the bank diversify its business," the Beijing-based bank said. "The bank can grab opportunities to ride on China's expanding railway projects through the deal."
Bank of China Group Investment is buying the stake from Railway Ministry-owned China Railway Investment Corp, the biggest shareholder of the Beijing-Shanghai High-Speed Railway.
China Railway Investment said earlier in March that it plans to sell the stake to raise more money for future construction.
The deal is pending approvals from the National Development and Reform Commission, the Ministry of Commerce and other related regulators.
The 220.9-billion-yuan project with a total length of 1,318 kilometers started in April 2008 and is scheduled to complete within five years.
The bank inched up 0.47 percent to 4.31 yuan in Shanghai today. The benchmark Shanghai Composite Index gained 1.23 percent to 3,147.42.
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