Hopewell Holdings unit sells majority stake to Shenzhen company

Shenzhen Investment Holdings Bay Area Development

29/12/2017 10:50

HONG KONG, Dec 29 (Reuters) - An infrastructure unit of Hong 
Kong's family-run Hopewell Holdings Ltd  0054.HK  is to sell its 
majority stake to the Shenzhen municipal government's flagship 
investment firm for HK$9.87 billion ($1.26 billion), the company 
said on Friday. 
    Shenzhen Investment International Capital Holdings 
Infrastructure Co. Ltd is to acquire 66.7 percent of Hopewell 
Highway Infrastructure Limited  0737.HK , the three companies 
said in a joint statement.  
    Upon completion, Hopewell Holdings expects to realise a net 
gain of about HK$4.92 million.  
    "The HHL Directors note that SIHC is the flagship investment 
platform of the Shenzhen Municipal Government and the 
acquisition of the sale shares will ... be a significant 
contributor to SIHC's continuous expansion of the connections 
within the Guangdong-Hong Kong-Macau Bay Area," the statement 
said. 
    The "Greater Bay Area," a national strategy, aims to bring 
together Hong Kong, Macau and nine cities in southern China to 
form a business powerhouse that rivals other metropolitan 
megacity hubs. 
    Hopewell Holdings says it may re-deploy a substantial part 
of the proceeds to explore new investment opportunities in the 
Greater Bay Area. 
    The HHI Group focuses on highway infrastructure businesses 
in mainland China, and currently operates the Guangzhou-Shenzhen 
Superhighway and Western Delta Route, the statement said.  
($1 = 7.8136 Hong Kong dollars) 
 
 (Reporting by Venus Wu, editing by David Evans) 
 ((Venus.Wu@thomsonreuters.com; +85228478039;)) 
 
Keywords: HOPEWELL SIHC/