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    995   CNE1000001X0

ANHUI EXPRESSWAY COMPANY LIMITED

(995)
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Anhui Expressway Company Limited signed an agreement to acquire Anhui Anqing Yangtze River Highway Bridge Co., Ltd., from Anhui Transportation Holding Group Co.,Ltd., for CNY 4.2 billion.

10/14/2021 EST

Anhui Expressway Company Limited (SEHK:995) signed an agreement to acquire Anhui Anqing Yangtze River Highway Bridge Co., Ltd., from Anhui Transportation Holding Group Co.,Ltd., for CNY 4.2 billion on October 13, 2021. Related creditor’s rights will also be acquired as part of the transaction. Pursuant to the terms of the agreement, within 5 working days after this agreement becomes effective, Anhui Expressway Company Limited shall pay Anhui Transportation Holding Group Co.,Ltd., 50% of the equity transfer amount, which is CNY 1.1 billion (Phase-1), within 5 working days after the date of equity transfer, Anhui Expressway Company Limited shall pay Anhui Transportation Holding Group Co.,Ltd., 30% of the equity transfer payment, which is CNY 663 million, whereas within 60 days after the equity transfer date, Anhui Expressway Company Limited shall pay Anhui Transportation Holding Group Co.,Ltd., 20% of the equity transfer payment, which is CNY 442 million. Anhui Expressway Company Limited intends to use its own or self-raised funds of CNY 4.2 billion to acquire 100% equity and related creditor rights of Anhui Anqing Yangtze River Highway Bridge Co., Ltd. As a result of the acquisition, upon completion, Anhui Anqing Yangtze River Highway Bridge Co., Ltd., shall become a wholly-owned subsidiary of Anhui Expressway Company Limited. As of July 31, 2021, Anhui Anqing Yangtze River Highway Bridge Co., Ltd., had total assets of CNY 4.6 billion and total owner’s equity of CNY 1.2 billion. The transaction needs to be submitted to the general meeting of shareholders of Anhui Expressway Company Limited for review and approval. This acquisition also needs to pass the review of the concentration of operators of the Anti-Monopoly Bureau of the State Administration for Market Regulation. The acquisition has been reviewed and approved at the twelfth meeting of Anhui Expressway Company Limited's ninth board of directors and by the board of supervisors. When reviewing the proposal, Anhui Expressway Company Limited's related directors Xiang Xiaolong, Yang Xiaoguang, Tao Wensheng and Chen Ji abstained from voting on average. BOCOM International (Asia) Limited acted as financial advisor and PricewaterhouseCoopers Hong Kong acted as accountant to Anhui Expressway. Guoyuan Capital (Hong Kong) Limited acted as Independent financial adviser to the Independent Board Committee and the Independent Shareholders of Anhui Expressway.


ę S&P Capital IQ 2021
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Financials
Sales 2021 3 627 M 567 M 567 M
Net income 2021 1 477 M 231 M 231 M
Net cash 2021 1 327 M 208 M 208 M
P/E ratio 2021 5,50x
Yield 2021 10,9%
Capitalization 10 263 M 1 605 M 1 605 M
EV / Sales 2021 2,46x
EV / Sales 2022 2,11x
Nbr of Employees 2 079
Free-Float 37,4%
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Mean consensus BUY
Number of Analysts 2
Last Close Price 4,93 CNY
Average target price 5,61 CNY
Spread / Average Target 13,8%
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Managers and Directors
Wen Sheng Tao General Manager & Executive Director
Yu Huang Finance Director
Xiao Long Xiang Chairman
Xi Jie Cheng Chairman-Supervisory Board
Hao Liu Independent Non-Executive Director