Gelonghui, November 5th: Chongqing Construction Engineering Group (600939.SH) announced that in order to promote the development of its core business and ensure the smooth continuation of ongoing expressway projects, its wholly-owned subsidiary, Chongqing First Municipal Engineering Co., Ltd. (referred to as 'Municipal Company One'), and the second largest shareholder of the company, Chongqing Expressway Group Co., Ltd. (referred to as 'Chongqing Highways Group'), plan to respectively increase their investments by approximately RMB 58.4943 million and RMB 509 million into their jointly controlled project company, Chongqing Kaiwanliang Expressway Co., Ltd. (referred to as 'Kaiwanliang Company'). Following deliberation at the company’s fourth extraordinary shareholders’ meeting in 2024, Municipal Company One received approval to enter into a new construction contract with Kaiwanliang Company as the contractor, with a total contract value not exceeding RMB 1.1 billion, thereby increasing its share in the construction of the Kaizhou to Liangping Expressway project. Subsequently, both parties signed a general construction contracting framework agreement, with a provisional contract price of RMB 1.018 billion.
Recently, Municipal Company One further specified the rights and obligations regarding the above-mentioned agreement with the contractor and signed the 'Kaizhou to Liangping Expressway Construction Contract (Contract Section: KWLTJB)', with a provisional contract price (including tax) set at RMB 1.018 billion.
