Stagecoach sells toll-road company

British transport firm Stagecoach offloaded the majority of its 30.6% stake in Chinese toll-road operator Road King Infrastructure for RMB 778 million (US$94 million).

The company sold a 25% stake of Road King to Shenzhen Investment, a Shenzhen municipal government window company.

The deal marks a further retreat by Stagecoach from the Greater China region following the RMB 2.34 billion (US$283 million) sale of Hong Kong franchised bus firm Citybus.

Road King has substantial stakes in 21 toll-road projects in Hebei, Guangdong, Anhui, Hunan, Shanxi, Jiangsu and Guangxi provinces.