Shanghai Industrial (HKG:0363) unit Shanghai Jiyun Infrastructure Construction will sell a 23% equity stake in Ningbo Hangzhou Bay Bridge Development to Ping An Securities for between 1.75 billion yuan and 1.92 billion yuan, a Tuesday bourse filing said.
Three other parties will also dispose of their stakes in the target firm, which together with Shanghai Jiyun Infrastructure Construction's interest, will amount to 85% shares.
Other shareholders holding the remaining 15% stake in Ningbo Hangzhou Bay Bridge Development intend to enter into a separate contract to also sell their stake to Ping An Securities.
The target company engages mainly in the investment, construction, operation and management of Hangzhou Bay Cross-sea Bridge, the operation of related ancillary facilities, the leasing of ancillary facilities and equipment, and advertising and consulting services among others.
Shanghai Industrial intends to use proceeds from the disposal to reinvest in an expressway widening and reconstruction project.
Shares of Shanghai Industrial closed nearly 2% higher on Tuesday.
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