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CHINA MERCHANTS EXPRESSWAY NETWORK & TECHNOLOGY HOLDINGS CO., LTD.

(001965)
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China Investors' Purchase of Istanbul Bridge Stake Reportedly Said to Stall

08/02/2021 | 08:31pm EST

The sale of a stake in a major suspension bridge over the Bosphorus Strait in Istanbul is under threat because of disagreements about the deal’s funding, according to people familiar with the matter. IC Yatirim Holding AS, which owns the company holding operational rights for the Yavuz Sultan Selim Bridge until 2027, has stopped discussions with a group of Chinese investors, the people said. China Merchants Expressway Network & Technology Holdings Co., Ltd. (SZSE:001965), formed a consortium with five other investors and has been in talks to buy 51% of the bridge operator for about US$689 million since 2019. The deal’s success hinges on the refinancing of a $1.6 billion chunk of a loan used to finance the building of the bridge in 2013. Disputes over the precise terms of this refinancing, which is being backed by banks including Industrial & Commercial Bank of China Ltd., Bank of China Ltd. and China Merchants Bank Co., now threaten to scupper the deal, the people said. IC Yatirim has rejected an offer from the Chinese buyers to put money covering the purchase into an escrow account until the loan refinance is agreed, and want the payment made upfront, one of the people said, asking not to be identified discussing confidential information.


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Financials
Sales 2021 8 336 M 1 307 M 1 307 M
Net income 2021 5 102 M 800 M 800 M
Net Debt 2021 - - -
P/E ratio 2021 9,31x
Yield 2021 4,79%
Capitalization 46 399 M 7 276 M 7 277 M
Capi. / Sales 2021 5,57x
Capi. / Sales 2022 4,72x
Nbr of Employees 5 428
Free-Float 11,1%
Chart CHINA MERCHANTS EXPRESSWAY NETWORK & TECHNOLOGY HOLDINGS CO., LTD.
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China Merchants Expressway Network & Technology Holdings Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends CHINA MERCHANTS EXPRESSWAY NETWORK & TECHNOLOGY HOLDINGS CO., LTD.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 5
Last Close Price 7,51 CNY
Average target price 8,69 CNY
Spread / Average Target 15,6%
EPS Revisions
Managers and Directors
Chang Song Liu General Manager & Director
Xian Fu Liu Chief Financial Officer
Qing Liang Liu Chairman-Supervisory Board
Jing Tao Bai Chairman
Bin Liang Independent Director
Sector and Competitors