Hong Kong-listed infrastructure conglomerate NWS Holdings Limited says that the company has entered into an agreement to purchase Government of Singapore Investment Corporation’s 8.8% stake in Hong Kong-listed Beijing Capital International Airport Co. (BCIA) for about HK$2.36 billion ($304 million), according to a company statement.
The agreement is made with Elsdon Investment, an affiliate of Government of Singapore Investment Corporation (GIC).
The purchase price is HK$6.5 per share, a 2.07% discount to the stock’s closing price on Tuesday.
GIC bought a stake into BCIA in secondary market transactions and then subscribed 250 million shares for HK$1.86 billion at the end of 2008 when BCIA issued shares at HK$7.45 per share.
After the transaction, NWS will hold approximately 20.38% of the total issued shares in BCIA, becoming the second largest shareholder.
]BCIA is the world’s second busiest airport in terms of passenger throughput exceeding 80 million per annum. It currently operates three terminals and three runways.