HK bus company teams up with mainland counterpart

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Last updated at: (Beijing Time) Monday, September 29, 2003

HK bus company teams up with mainland counterpart

The largest state-owned public transportation corporation in Shenzhen City of south China's Guangdong Province teamed up with a Hong Kong-based bus company Monday.

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The largest state-owned public transportation corporation in Shenzhen City of south China's Guangdong Province teamed up with a Hong Kong-based bus company Monday.

According to the agreement signed here Monday, the Kowloon Motor Bus Co. Ltd (KMB) purchased 35 percent of the shares of the Shenzhen Public Transportation Group (SPTG), which now has an annual income of 1.1 billion yuan (133 million US dollars).

Shenzhen Investment Management Company owns 55 percent of SPTG shares. The other 10 percent of shares belong to mainland-based private enterprises.

Pricing specifics pertaining to the KMB purchase were not released on Monday.

SPTG possesses 3,336 automobiles and now operates 109 public transport routes in Shenzhen. It is one of the five pilot state-owned enterprises chosen by Shenzhen City Government in 2002 to invite domestic and overseas strategic investment.

Over 30 domestic and foreign companies considered cooperating with SPTG but KMB was awarded the contract after reaching agreement with SPTG on stock prices and corporate management.

Vice Shenzhen Mayor Zhang Siping said Monday that the new alliance marks another move to integrate the Hong Kong Special Administrative Region and China's mainland after the Closer Economic Partnership Agreement (CEPA) was signed.

SPTG will seek listing in mainland-based stock exchanges when the time is right, according to Pang Datong, president of ShenzhenInvestment Management Company, the largest SPTG shareholder.

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