Sichuan Road & Bridge Withdraws from Expressway Project Investment

MT Newswires Live2024-10-28

The board of Sichuan Road & Bridge (SHA:600039) approved the proposal for the company's subsidiaries abandoning the controlling stake and investment in the Jinkouhe to Xichang and Zhaojue to Puge expressway project.

The total investment for the project was 67.32 billion yuan, according to an Oct. 25 filing with the Shanghai bourse.

The engineering company cited the large amount needed for the investment for its decision to withdraw, noting that an independent investment would need to reach 13.60 billion yuan, or 20.20% of the total, and a controlling investment would need to be at least 6.8 billion yuan for a 50% stake.

Shares of Sichuan Road & Bridge closed 3% higher Monday.

Price (RMB): ¥7.73, Change: ¥+0.26, Percent Change: +3.48%

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