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Discloseable Transactions Relating to Acquisition of Land Use Rights

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Discloseable Transactions Relating to Acquisition of Land Use Rights Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. DISCLOSEABLE TRANSACTIONS RELATING TO ACQUISITION OF LAND USE RIGHTS Reference is made to the announcement of the Company dated 7 February 2013. The Board is pleased to announce that following the successful bids for the land use rights of the Lands on 7 February 2013, the Company and Renshou County Land Bureau entered into 3 separate Land Use Rights Transfer Contracts in relation to the Acquisition of the land use rights of the Lands at an aggregate consideration of RMB920,160,000 on 22 February 2013. Implication under the Listing Rules As the relevant applicable percentage ratios set out in the Listing Rules in respect of the Acquisition are greater than 5% but less than 25%, the Acquisition constitutes discloseable transactions for the Company under Chapter 14 of the Listing Rules. — 1 — BACKGROUND Reference is made to the announcement of the Company dated 7 February 2013. The Board is pleased to announce that following the successful bids for the land use rights of the Lands on 7 February 2013, the Company and Renshou County Land Bureau entered into 3 separate Land Use Rights Transfer Contracts in relation to the Acquisition of the land use rights of the Lands at an aggregate consideration of RMB920,160,000 on 22 February 2013. THE ACQUISITION The principal terms of the Land Use Rights Transfer Contracts are set out as follows: Date : 22 February 2013 Parties : the Company (as purchaser) Renshou County Land Bureau (as vendor) The Lands : (i) The state-owned construction land parcel numbered Renshouxian No. 2012-131 with a granted area of approximately 75,621.1sqm. located in the Chengbei New Town (城北新城) of Renshou County, Meishan City, Sichuan Province, the PRC (ii) The state-owned construction land parcel numbered Renshouxian No. 2012-132 with a granted area of approximately 80,689.4 sqm. located in the Chengbei New Town (城北新城) of Renshou County, Meishan City, Sichuan Province, the PRC (iii) The state-owned construction land parcel numbered Renshouxian No. 2012-133 with a granted area of approximately 79,247.6 sqm. located in the Chengbei New Town (城北新城) of Renshou County, Meishan City, Sichuan Province, the PRC — 2 — Uses of the Lands : Commercial and residential uses Term of the land : 40 years for commercial use and 70 years for residential use use rights of the Lands Consideration : (i) The consideration for state-owned construction land parcel numbered Renshouxian No. 2012-131 is RMB220,500,000 (ii) The consideration for state-owned construction land parcel numbered Renshouxian No. 2012-132 is RMB360,500,000 (iii) The consideration for state-owned construction land parcel numbered Renshouxian No. 2012-133 is RMB339,160,000 The consideration of each of the abovestated Lands was arrived at as a result of successful bid by the Company through public auction after taking into account the minimum bid price, current market conditions and land price in the surrounding areas. The said considerations will be funded by the Company’s internal fund and self-financing. — 3 — Payment : The abovestated considerations will be settled in cash by the Company to Renshou County Land Bureau by 2 installments in the following manners: (i) For state-owned construction land parcel numbered Renshouxian No. 2012-131, the Company shall settle the first installment of RMB198,000,000 before 16 March 2013 and the second installment of RMB22,500,000 before 30 July 2013; (ii) For state-owned construction land parcel numbered Renshouxian No. 2012-132, the Company shall settle the first installment of RMB324,000,000 before 16 March 2013 and the second installment of RMB36,500,000 before 30 July 2013; and (iii) For state-owned construction land parcel numbered Renshouxian No. 2012-133, the Company shall settle the first installment of RMB304,800,000 before 16 March 2013 and the second installment of RMB34,360,000 before 30 July 2013 Completion : Renshou County Land Bureau shall transfer the Lands to the Company before 28 February 2013 INFORMATION ON THE COMPANY The Company is principally engaged in the investment, construction, operation and management of toll roads in Sichuan Province, the PRC. — 4 — INFORMATION ON RENSHOU COUNTY LAND BUREAU Renshou County Land Bureau is a local government body of the PRC and is in charge of, among other things, the organization and implementation of the assignment, transfer and lease of the land use rights of the state-owned land in Renshou County, Meishan City, Sichuan Province, the PRC. To the best of the Directors’ knowledge, information and belief, and having made reasonable enquiries, Renshou County Land Bureau and its ultimate beneficial owner(s) are independent third parties of the Company and connected persons (as defined under the Listing Rules) of the Company. REASONS FOR AND BENEFITS OF ENTERING INTO THE LAND USE RIGHTS TRANSFER CONTRACTS “One main body and two wings” is the mid to long term development strategy of the Company. Whilst focusing on its main business, the Company also aims to create profit growths in other business areas in order to enhance the contributions of such other business to its overall profitability level, thus expand the business development and asset size of the Company and ensure sustainable development of the Company. As such, the Company entered into the Land Use Rights Transfer Contracts. The Directors consider that the terms of all the Land Use Rights Transfer Contracts are fair and reasonable and in the interests of the Company and its shareholders as a whole. LISTING RULES IMPLICATIONS Since the relevant applicable percentage ratios in respect of the Acquisition are more than 5% but less than 25%, the Acquisition constitutes discloseable transactions of the Company under Chapter 14 of the Listing Rules. — 5 — DEFINITIONS In this announcement, the following expressions shall have the following meanings unless the context requires otherwise: “Acquisition” acquisition of the land use rights of the Lands by the Company pursuant to the 3 Land Use Rights Transfer Contracts “Board” the board of Directors “Company” Sichuan Expressway Company Limited* (四川成渝高速公路 股份有限公司), a joint stock limited company incorporated in the PRC with limited liability and the shares of which are listed on the Hong Kong Stock Exchange (stock code: 107) and the Shanghai Stock Exchange (stock code: 601107), respectively “Director(s)” the director(s) of the Company “Hong Kong” The Hong Kong Special Administrative Region of the PRC “Hong Kong The Stock Exchange of Hong Kong Limited Stock Exchange” “Land(s)” the 3 state-owned construction land parcels numbered Renshouxian No.2012-131, No.2012-132 and No.2012-133 with respective granted areas of approximately 75,621.1sqm., 80,689.4 sqm. and 79,247.6 sqm., all of which are located in the Chengbei New Town (城北新城) of Renshou County, Meishan City, Sichuan Province, the PRC “Land Use Rights 3 separate state-owned construction land use rights transfer Transfer Contract(s)” contracts (國 有 建 設 用 地 使 用 權 出 讓 合 同) entered into between the Company and Renshou County Land Bureau on 22 February 2013 in respect of the Acquisition of the Lands by the Company — 6 — “Listing Rules” the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange “PRC” the People’s Republic of China “Renshou County the Bureau of Land Resources of Renshou County (仁壽縣國 Land Bureau” 土資源局), a local government authority of the PRC and the seller of the land “RMB” Renminbi, the lawful currency of the PRC “sqm.” square meter(s) “%” per cent By order of the Board Sichuan Expressway Company Limited* Zhang Yongnian Company Secretary Chengdu, Sichuan Province, the PRC 22 February 2013 As at the date of this announcement, the Board comprises Mr. Zhou Liming (Chairman) and Mr. Liu Ming Li as executive Directors, Mr. Zhang Zhiying (Vice Chairman), Madam Zhang Yang (Vice Chairman), Mr. Tang Yong, Mr. Gao Chun, Mr. Wang Shuanming and Madam Hu Yu as non-executive Directors, and Madam Luo Xia, Mr. Feng Jian, Mr. Zhao Zesong and Mr. Xie Bangzhu as independent non-executive Directors. * For identification purposes only — 7 —.
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