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China Northern Locomotive to offload leasing unit

By Zheng Lifei (chinadaily.com.cn)
Updated: 2009-03-02 18:39

China Northern Locomotive & Rolling Stock Industry (Group) Corp, the country's second biggest locomotive maker, will sell its leasing unit for 302 million yuan ($44.15 million), the company said on Monday.

Related readings:  Locomotive maker to quadruple sales  South Locomotive up 11.5% in HK debut  China unveils new 350km-per-hour bullet train  Locomotive seeks IPO next year

China Northern, which also produces mass rapid transit light rails, plans to sell the unit to a single State-owned investor with registered capital of no less than 3 billion yuan, the company said on the Beijing Equity Exchange's website.

Bidding for the unit, which leases rail equipment, medical gears and other business, will last until March 25, the company said.

The locomotive maker did not say why it was selling the unit.

The Beijing-based company aims to quadruple its sales revenue to 140 billion yuan by 2015, Chairman Cui Dianguo said in December 2008.

The company is estimated to have chalked up 35 billion yuan in revenue last year.

China Northern is one of the two major rail makers in China, with the other being China South Locomotive & Rolling Stock Co.