Tuesday, November 25, 2008

China Railway auctions stake in CREBI

China Railway Group Ltd<601390><390> has put up all the 51% stake it holds in China Railway Engineering Beijing Investment Co Ltd (CRBIC) for sale at the Beijing Equity Exchange, the Shanghai Securities News reported on Tuesday.

With a registered capital of RMB 384 million, CRBIC has total assets valued at RMB 1.418 billion and RMB 1.03 billion worth of liabilities.

China Railway Electrification Bureau (Group) Co. Ltd and China Railway No.3 Engineering Group Co. Ltd hold the remaining 29% and 20% in the company, respectively.

The buyer should be a state-owned company with net assets not less than RMB 1.5 billion, said China Railway, adding that a deposit of RMB 115.2 million has to be paid when submitting the bid.

The stake transfer, if successful, is expected to bring China Railway RMB 2 million in profit.

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