China Railway Group Ltd has wholly acquired China Railway Port Channel Engineering Co, Ltd for 409 million yuan ($60 million) from the latter's parent company, the China Railway Engineering Corporation.
China Railway said the acquisition strengthens its control in the industry, especially its hydraulic works constructing capability.
China Railway realized 107,600 yuan in net profit after tax in 2009, compared with 4.02 million yuan in 2008.
The company closed today at 5.76 yuan on the Shanghai Stock Exchange, and HK$5.79 (75 cents) at Hong Kong Exchanges.
