Hong Kong-listed NWS Holdings is selling nearly half of its stake in Beijing Capital International Airport Co (BCIA) to raise about HK$800 million ($102 million), the company told the Hong Kong Stock Exchange on Friday.
NWS Holdings, the construction-to-transport unit of property major New World Development, is selling 208 million H shares in BCIA at HK$11.35 apiece.
The shares to be disposed of represent 11.07 percent of the total issued H shares of BCIA that NWS holds through its indirect wholly-owned subsidiary Fortland Ventures Limited.
As of 11 January 2018, Fortland held 448.342 million H Shares of BCIA, representing approximately 23.86 percent of the total issued H shares of BCIA.
“The disposal is a good opportunity for the group to realize its long-term investment in the H shares of BCIA,” said NWS Chairman Dr Henry Cheng Kar Shun.
NWS will use the cash from the sale to fund its general working capital and other investment projects that will “further enhance the shareholder value of the company”. NWS picked JP Morgan Securities as the placing agent.
Headquartered in Central Hong Kong, NWS manages and operates 16 roads and related projects; and two power plants with a total installed capacity of 1,820 megawatts, among others.