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Kwoon Chung Bus Splits, Sells Significant Stake in Tourism Subsidiary

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Kwoon Chung Bus (HKG:0306) said it has completed the two-way split of its tourism services-focused indirect subsidiary and has sold significant stakes in each for a total of 225.2 million yuan, according to a Tuesday filing with the bourse.

The bus-for-hire company said it split the unit into Lixian Bipenggou Tourism and Lixian Bipenggou Scenic Area Antu, then sold a 34.3% stake in each to wholly-owned subsidiaries of Chengdu Culture and Tourism Development.

After the sale, the company retained a 51% indirect stake in each unit.

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