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Expressway Investment Agreement Signed between CITIC and Chongqing Municipal Gov

2009-11-09 11:47:00

On October 28th, the signing ceremony of the investment agreement on the main city to Fuling section of Chongqing Riverside Expressway (Chongqing Riverside Expressway BOT Project) and the joint venture contract of Chongqing CITIC Huyu Expressway Co., Ltd. was held at CITIC headquarters in Beijing. Mr. Wang Jiong, Executive Director and Vice President of CITIC Group, attended the ceremony hosted by Mr. Tian Wei, Vice Chairman of CITIC Construction Co., Ltd.

Representing Party A, Mr. Teng Hongwei, Director of Chongqing Transport Committee, signed the Investment Agreement on Main City to Fuling Section of Chongqing Riverside Expressway on behalf of Mr. Wang Hongju, Mayor of Chongqing, with three representatives from Party B, Mr. Zhang Yunting, Chairman of CITIC Infrastructure Investment Limited, Mr. Li Zuwei, Chairman of Chongqing Expressway Group Co., Ltd. and Ms. Hong Bo, Chairman of CITIC International Contracting Inc. Through open bidding, Party A identifies the consortium of Party B as the investor to Chongqing Riverside Expressway BOT Project, and Party B sets up a company to take charge of the investment, construction and operation of the project.

After that, Mr. Zhang Yunting from CITIC Infrastructure Investment Limited (Party A), Mr. Li Zuwei from Chongqing Expressway Group Co., Ltd. (Party B) and Ms. Hong Bo from CITIC International Contracting Inc. (Party C) signed the Joint Venture Contract of Chongqing CITIC Huyu Expressway Co., Ltd. The parties agree to jointly set up the company for the implementation of the project. The total investment is nearly RMB8.5 billion, registered capital and shareholders’ additional capital contributions are tentatively set at RMB1.835 billion. The three parties have 40%, 40% and 20% of the shares respectively.

Chongqing Municipal Government recognizes CITIC International Contracting Inc. as the chief contractor to carry out the design, procurement and construction of the BOT project in the manner of EPC.

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