Wednesday, January 07, 2009

China Railway unit to buy assets from parent group

China Railway Track Systems Group Corporation (CRTS), a wholly-owned unit under China Railway Construction Corp Ltd (CRCC)<601186><1186> has won the bid for the assets of Longchang Railway Materials Factory that its parent group has put up for sale at the China Beijing Equity Exchange.

CRCC said in a statement filed with the Shanghai Stock Exchange that the two sides has signed a final agreement on the acquisition and the consideration payable to the China Railway Construction Group Corp would be RMB 56.34 million.

Headquartered in Zhuzhou, Hunan province, CRTS is mainly engaged in the research, design, manufacture, construction and testing, and specializing in railway track systems integration.

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