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Road King shareholders OK expressway biz spinoff

Road King Infrastructure shareholders approved the proposed spinoff of its expressway unit at a June 7 meeting.

The company, which in April unveiled plans to spin off and then list the unit on the Hong Kong bourse, is targeting at least US$200 million in gross proceeds from the IPO of its expressway business.

Road King said it has yet to finalize the details of the proposed spinoff and listing, including their structure and expected timetable.

Proceeds from the offering will go to, among other things, the acquisition of new expressway projects, expansion of existing projects and for working capital.