Zhejiang Expressway to Manage Multiple Expressways, Channels for 18 Million Yuan per Annum

MT Newswires Live08-07

Zhejiang Expressway (HKG:0576) obtained the operations and management of several expressways and channels from several subsidiaries of its controlling shareholder, Communications Group, on Tuesday, Aug. 6, for a term of three years ending on June 30, 2027, a Tuesday filing with the Hong Kong Exchange said.

The company will manage the Shensuzhewan Expressway on behalf of Shensuzhewan Branch, Ningbo Phase II of Yongtaiwen Expressway on behalf of Ningbo Yongtaiwen, North Line of Qianjiang Channel on behalf of Jiaxiao, South Line of Qianjiang Channel on behalf of Santongdao South Connection, Linjian Expressway on behalf of Hangxuan, and Zhoushan North Channel on behalf of North Channel.

The company will take over and manage all responsibilities, rights, liabilities, and equities of the projects entrusted to it, minus the remaining construction works and some relevant regulatory work remaining for some projects.

The company expects to receive a maximum of around 18.4 million yuan annually as the aggregate annual management service fees.

The company's shares were up over 2% on Wednesday's close.

Price (HKD): $5.14, Change: $+0.12, Percent Change: +2.39%

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