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Limited take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any
liability whatsoever for any loss howsoever arising from or in reliance upon
the whole or any part of the contents of this announcement.
ZHEJIANG EXPRESSWAY CO., LTD.
(A joint stock limited company incorporated in the People's Republic of China
with limited liability)
(Stock code: 0576)
VOLUNTARY ANNOUNCEMENT
IN RELATION TO
ACQUISITION OF 80.614% EQUITY INTEREST IN
ZHEJIANG HANGHUI EXPRESSWAY CO., LTD.
Reference is made to the Company's circular dated 28 August 2015 (the "Circular
") in relation to the Hanghui Agreement. Unless otherwise defined herein, terms
defined in the Circular have the same meaning when used in this announcement.
It was disclosed in the Circular that "The consideration payable by the Company
under the Hanghui Agreement was determined on the assumption that the toll
collection rights period of the Hanghui Expressway as finally approved will be
25 years. As at the Latest Practicable Date, the toll collection rights period
of the Hanghui Expressway is pending final approval by the relevant PRC
governmental authorities. It is expected that such approval will be granted
before 30 September 2015…".
On 13 October 2015, the Company received a letter from the Department of
Transportation of Zhejiang Province (the "DOT"), pursuant to which, the
DOT has worked with the relevant governmental authorities in Zhejiang
Province to submit a proposal (the "Proposal") in respect of the toll
collection rights period of the Hanghui Expressway to the Zhejiang Provincial
Government for approval.
According to the Proposal:
(i) the toll collection rights period of the Hanghui Expressway is tentatively
determined as 25 years;
(ii) the toll collection rights period of Changhua to Yulingguan of the Hanghui
Expressway shall be commencing on 26 December 2004 and ending on 25 December
2029;
(iii) the toll collection rights period of Wangjiabu to Changhua of the Hanghui
Expressway shall be commencing on 26 December 2006 and ending on 25 December
2031; and
(iv) the toll collection rights period of Liuxia to Wangjiabu section of the
Hanghui Expressway shall be commencing on 26 December 2006 and ending on 25
December 2031.
The toll collection rights period of the Hanghui Expressway as set out in the
Proposal shall be subject to the final approval of the Zhejiang Provincial
Government.
On behalf of the Board
ZHEJIANG EXPRESSWAY CO., LTD.
ZHAN Xiaozhang
Chairman
Hangzhou, PRC, 13 October 2015
As of the date of this announcement, the executive directors of the Company
are: Mr.ZHAN Xiaozhang, Mr. CHENG Tao and Ms. LUO Jianhu; the non-executive
directors of the Company are: Mr. WANG Dongjie, Mr. DAI Benmeng and Mr. ZHOU
Jianping; and the independent non-executive directors of the Company are: Mr.
ZHOU Jun, Mr. PEI Ker-Wei and Ms. LEE Wai Tsang Rosa.