Jiangsu Expressway Company Limited

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Jiangsu Expressway Company Limited (JECL) was established in August 1992 to construct, operate and manage toll roads in Jiangsu Province. It is the Jiangsu Provincial Government's entity for building and operating transport infrastructure projects. In June 1997, JECL floated H shares on the Hong Kong stock exchange and raised about RMB 4 billion (US$ 480 million). New World Infrastructure purchased a 3.12% equity share for HK$ 475 million (US$6.3million) and IJM bought a significant part of the 25% sold. Since September 1996, JECL has operated the 274km Shanghai-Nanjing Expressway. The expressway was officially opened in November 1996. In June 1997, JECL aquired the right to operate 271.1km Jiangsu section of the 312 National Highway (Nanjing-Shanghai Class 2 Highway) for a period of 15 years, using funds raised from the public offering. The expressway had an average daily traffic volume of 34,082 vehicles in 1997. On April 5th 1997, the toll rates were increased for class 1-3 vehicles (cars) and reduced for class 4-6 vehicles (lorries). In September 1997, JECL established the Jiangsu Xicheng Expressway Company and the Jiangsu Guangjing Expressway Company as joint ventures with a subsidiary of the Ministry of Communications of the PRC. JECL has a 85% stake in each of the road construction companies. As of mid-1998, the new expressways are due for completion in September 1999. After its immediate investment and payment of the Company's debts, the public offering left the Company with RMB 1.77 billion (US$ 228 million) for future investment. The Company paid H shareholders a dividend of RMB0.0078 per share at the end of 1997. In Jan. 2001, the company issued 150 million "A" shares (2.98%) in the Shanghai Stock Exchange. A total of US$ 76.1 million was raised as divestiture revenues. New World disposed of its shares in the company in 2001. The company issued American Depository Receipts in December 2002. None None