CCCC plans share repurchase and shareholder increase

China Communications Construction Corporation (SSE:601800) announced today that it plans to repurchase its A-shares, and its controlling shareholder, China Communications Construction Group (CCCG), intends to increase its holdings of CCCC's H-shares. The proposed A-share repurchase will involve a total amount of between CNY 500 million and CNY 1 billion. The repurchased shares will be cancelled. The A-share repurchase plan is subject to shareholder approval and is expected to be implemented within 12 months of approval. The company intends to use its own funds for the repurchase. CCCG intends to increase its holdings of CCCC's H-shares with a total investment of between CNY 250 million and CNY 500 million within 12 months of the first increase. CCCC's chairman expressed confidence in the company's intrinsic value and future prospects, citing the planned actions as a means to enhance investor confidence and support the company's stable development.