China Railway agreed to sell its entire equity interest in Beijing Yinuojie Investment Management to its controlling shareholder China Railway Engineering Corporation. The value of the transaction is Rmb2,456 million (EUR 334.4 million).
Beijing Yinuojie is primarily engaged in investment management, investment consultation and project planning. It is also the holding company of all of China Railway’s coal-related assets, including three coal projects, one coal-to-chemicals project, six coal trade and logistics projects and three auxiliary railway projects.
The entire amount of the proceeds is intended to be used for general working capital and to fund further development of the business of the group.
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