Summary by Moomoo AI
China Transport Construction Co., Ltd. (“Chinatown Construction”) announced on March 28, 2024 that it has entered into an equity transfer agreement with Zhenhua Heavy Industries and Overseas Properties to conditionally acquire 17.21% and 8.58% of the Central American Stock Exchange. The transaction cost RMB18,369.81 million and RMB9,158.22 million, respectively. Zhen Wah Heavy Industries and Overseas Properties are subsidiaries of the Interchange Group, while the Intermediary Group is the controlling shareholder of the Intermediary Group. Pursuant to Chapter 14A of the Hong Kong Listing Rules, this acquisition constitutes a connected transaction. Upon completion of the acquisition, CID South America will become a wholly-owned subsidiary of SSE. The acquisition helps CITIC to further increase management and operational control over Central South America, promote overseas business development and enhance the brand's international influence.