China Railway Erju Co. Ltd<600528>, the first listed enterprise among China's railway construction firms, announced that it has agreed to set up a joint venture with ALAM Southwest Holdings, a unit under U.S. investment bank Lehman Brothers, said the Chinese railway contractor in a statement to Shanghai Stock Exchange yesterday.

The joint venture, located in Southwest China's Chengdu, has registered capital of US$40.54 million. ALAM Southwest will hold 49% stake in the venture by cash injection and the Chinese counterpart will own the remaining stake in it. ALAM will also assign a CFO to the new venture.

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Posted by dcjaya at April 2, 2008 9:23 PM