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2007-6-4 09:13:00 a.m. HKT, XFNA
Hong Kong's Wing On Travel to buy stake in China luxury trains operator
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HONG KONG (XFN-ASIA) - Wing On Travel (Holdings) Ltd said it has agreed
to acquire a 72 pct stake in Tangula Group Ltd, which has secured the right
to operate luxury trains in China, for 52.9 mln usd or 412.6 mln hkd.
Tangula Group, via holding Rail Partners, owns 49 pct of Tangula
Railtours, which will operate trains for 50 years on two routes - Beijing to
Lhasa and Beijing to Lijiang. It also has exclusive rights on the
Qinghai-Tibet railway for 16 years.
Wing On Travel said the acquisition provides an opportunity for the
company to enter the luxury train services industry in China.
The company will also provide a 2.1 mln usd loan to Tangula Group.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
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