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2007-5-10 11:43:00 a.m. HKT, XFNA
Hong Kong's Wing On Travel to invest 52.9 mln usd in China luxury railway co
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HONG KONG (XFN-ASIA) - Wing On Travel (Holdings) Ltd said it plans to buy
a stake in a mainland company which operates luxury tourist trains on the
Qinghai-Tibet railway and other railways in China for 52.9 mln usd.
The company said in a statement that it has purchased the option to buy a
75 pct stake in Railpartners Inc, which holds a 49 pct interest in Tanggula
Railtours Ltd, an operator of luxury trains.
The Qinghai-Tibet Railway owns 51 pct of Tanggula, it added.
Wing On, which bought the option for 1 hkd, may exercise the right on or
before May 22.
Talks over the purchase are ongoing with the aim of finalizing an
agreement by May 21, the company said.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com
lw/kmq
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