Kwoon Chung Bus Splits, Sells Significant Stake in Tourism Subsidiary
MT Newswires Live
Sep 23
Kwoon Chung Bus (HKG:0306) said it has completed the two-way split of its tourism services-focused indirect subsidiary and has sold significant stakes in each for a total of 225.2 million yuan, according to a Tuesday filing with the bourse.
The bus-for-hire company said it split the unit into Lixian Bipenggou Tourism and Lixian Bipenggou Scenic Area Antu, then sold a 34.3% stake in each to wholly-owned subsidiaries of Chengdu Culture and Tourism Development.
After the sale, the company retained a 51% indirect stake in each unit.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.