MTR Corporation (00066) signs agreement on the Hung Hom Station Floodwater Bridge Project.

MTR Corporation (00066) announced that on September 19, 2024, the company signed a project agreement with the Director of Transport and Logistics (on behalf of the government) regarding the financing, design, construction, completion, pre-operational preparations, operation, and maintenance of the Hung Fuk Bridge Station and related services and facilities. The company will operate and maintain the Hung Fuk Bridge Station and related services and facilities within the franchise period (Hung Fuk Bridge Project Agreement). In order to support and further develop its core business, the company has entered into the Hung Fuk Bridge Project Agreement, which allows the company to expand its railway network through the implementation of the Hung Fuk Bridge Station. The company will also engage in property development projects to maintain the railway plus property model, in order to enhance the returns of the Hung Fuk Bridge Project (and also to increase future railway passenger volume due to the passenger catchment area generated near the property development projects), so that the Hung Fuk Bridge Project can achieve a satisfactory commercial return. In considering the Hung Fuk Bridge Project Agreement, the company has applied its internal governance and review procedures and obtained the opinion of a financial advisor (Rothschild & Co Hong Kong Limited). The conclusion of the financial advisor is that the Hung Fuk Bridge Project is within the company's normal course of business, and the Hung Fuk Bridge Project Agreement is entered into on general commercial terms; and it is fair, reasonable, and in the overall interest of the company and its shareholders (including its independent shareholders).