The Restructuring Motion of Six Enterprises Including
China Railway Engineering Corporation got approved

After the approval of the restructuring motion of Six Enterprises including China Railway Engineering Corporation by the State Council, the State-owned Assets Supervision and Administration Commission (SASAC) has recently issued the Notice with reference No. SASAC Reform (2003)122 to agree the restructuring of China Railway Engineering Corporation with China National Overseas Engineering Corporation, China Satellite Communication Corporation with China Siwei Surveying and Mapping Technology Corporation, China International Travel Service Head Office with China Duty Free Croup. After the restructuring implemented, China National Overseas Engineering Corporation, China Siwei Surveying and Mapping Technology Corporation, China Duty Free Group will become the fully invested subsidiaries of China Railway Engineering Corporation, China Satellite Communication Corporation and China International Travel Service Head Office respectively.

The above-mentioned Notice requires the enterprises involved to work out the specific restructuring schemes and report to SASAC before January 31, 2004 so that they can be implemented after getting examined and approved by SASAC.