17 January 2020

CRCC to sell 20% stake in laggard unit, paper says

China Railway Construction Corporation Ltd. (CRCC) (01186.HK, 601186.CN) plans to offload a 20 percent equity interest in CRCC-Tongguan Investment Co. through public listing on the China Beijing Equity Exchange, the China Securities Journal reported Monday, citing information from the exchange. The stake will be transferred for 560 million yuan (US$91.52 million). The unit, which is 50-50-owned by CRCC and Tongling Nonferrous Metals Group Holdings Co., Ltd., has not performed well in recent years and the latter may buy the stake, the report said.

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