Citic Pacific to spin off auto and food distribution unit

Dah Chong Hong seeks to raise up to $589 million, but 77% of the proceeds will go to its parent company.

Shareholders of Citic Pacific will convene tomorrow October 3 to approve the spin-off of the companyƆs auto and food distribution business, Dah Chong Hong Holdings DCH, for a separate listing in Hong Kong.

Assuming a favourable outcome from the vote, DCH will be looking to raise between HK$3.55 billion and HK$4.6 billion $455 million to $589 million and will kick off the retail portion of its offering on Thursday. The trading debut is scheduled for October 17....

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