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2009-2-18 02:57:00 p.m. HKT, XFNA
DJ Galaxy Entertainment To Sell Stake In China JV For HK$47.9M
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| HONG KONG (Dow Jones)--Macau casino operator Galaxy Entertainment Group Ltd. (0027.HK) said Wednesday it agreed to sell a 25% stake in a rock quarrying company in China to a 50-50 joint venture owned by HeidelbergCement AG (HEI.XE) and Cheung Kong Infrastructure Holdings Ltd. (1038.HK) for HK$47.9 million (US$6.1 million).
Galaxy said in a statement the rock quarrying company, K. Wah Materials (Huidong) Ltd., extracts rocks in China's Guangdong province, but didn't give further details.
Galaxy didn't say why it plans to sell the stake, but it said it expects HeidelbergCement and Cheung Kong Infrastructure to help bring in connections and resources for K. Wah Materials to expand in China's southern region.
Galaxy will hold a 25% stake in K. Wah Materials after the sale, with the remaining 50% held by Guangdong Huidong Renshan Enterprise Group Co., the statement said.
-By Aries Poon, Dow Jones Newswires; 852-2832-2332; aries.poon@dowjones.com
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