By Chester Yung
HONG KONG--NWS Holdings Ltd. (0659.HK), the conglomerate flagship of Hong Kong major real estate developer New World Development Co. Ltd. (0017.HK), has agreed to buy the bus and ferry operation business from Chow Tai Fook Enterprises Ltd. for 1.38 billion Hong Kong dollars (US$178 million) in a bid to lift revenue, the two companies said in joint statement late Tuesday.
NWS Holdings will buy the remaining 50% stake in NWS Transport Services Ltd. from Chow Tai Fook Enterprises and will have full control of the transport services firm after the deal, according to the statement.
NWS Transport Services owned 1,765 buses and 24 vessels, and operated a total of 192 franchised bus routes and five main ferry routes as of Sept. 30, the statement said.
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(END) Dow Jones Newswires
November 15, 2016 20:19 ET (01:19 GMT)
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