MTR Corporation is taking full ownership of the rolling stock maintenance activities of the Stockholm Metro through the purchase of Mantena AS’s 50 percent shareholding in Tunnelbanan Teknik Stockholm AB (“TBT”), which was established as a 50:50 joint venture between MTR Stockholm AB, a wholly owned subsidiary of MTR Corporation, and Mantena in 2009.
This follows the extension of MTRS’s concession to operate the Stockholm Metro for another six years to 2023 as announced in September 2015.
MTR’s acquisition will be done through its wholly owned subsidiary MTR Nordic. The purchase will be formally completed after approval from the Swedish Competition Authority in accordance with relevant procedures.
TBT will then be renamed as MTR Tech and all of the approximately 400 existing employees will continue their employment in MTR Tech.