Financial News
Written by: Zhang Weilun
2020-08-21 20:22
Last update date: 2020-08-22 07:24NWS Holdings (0659) sells its NWFB and Citybus! Led by Templewater Bravo Holdings Limited, together with its operating partner Ascendal Group Limited and investment partner Hans Energy Co., Ltd., it purchased New World First Bus Services Limited ("NWFB") and Citybus Limited ("Citybus") from NWS Holdings. ”), the total value is 3.2 billion yuan.
NWFB and Citybus have more than 5,000 employees, operate about 200 routes and have a fleet of more than 1,700 buses, serving about 1 million passengers a day.
Templewater Bravo is an investment company managed and controlled by Templewater I, GP, a subsidiary of Good Water Capital. Good Water Capital is a private equity investment company established by Investec Bank plc (Tian Da Bank) and Zhang Kun. Templewater Bravo will hold more than 90% of NWFB and Citybus.
Ascendal, based in the United Kingdom, is an expert in public transport service operations.
NWFB and Citybus Managing Director Zhong Zewen (left) accompanied Nicolas de Mascarel, managing partner of Shanshui Capital, to visit the depot and take a group photo in the carriage. (Provided by the company)
Employees’ existing remuneration packages remain unchanged
After the transaction is completed, the board of directors of NWFB and Citybus will be changed. Among them, Ma Shaoxiang, Chief Executive Officer of NWS Holdings, and three existing management members of NWFB and Citybus, including Managing Director Zhong Zewen, Human Resources and Finance Director Wu Zhiguang, and Engineering Director Li Guangwei will remain on the board of directors.
Although the current business environment has become difficult due to the epidemic, Templewater Bravo will do its utmost to ensure business operations as usual. After the transaction is completed, the existing operating models of NWFB and Citybus will remain unchanged. The existing salary package, employment terms and benefits of employees remain unchanged to achieve the goal of "guarantee employment, salary, and benefits".
Templewater Bravo promises to continue to cooperate with the management team and employees to maintain the operations of NWFB and Citybus and promote business growth.
New creation: transactions create value for stakeholders
NWS CEO Ma Shaoxiang stated that the transaction is in line with the Group's development strategy of optimizing its business portfolio to achieve long-term sustainable growth, and it reflects prudent risk management to create value for all stakeholders.
The additional financial resources obtained will help the Group seize opportunities on a solid foundation. "I believe the new shareholders of NWFB and Citybus can continue and further enhance the quality services of NWFB and Citybus and bring bright prospects."
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