Citic Pacific completes $36b asset deal

Combined group Citic Ltd will begin trading on the Hong Kong Stock Exchange on September 1 after receiving regulatory approval.

Citic Pacific has completed its massive Rmb227 billion $36.8 billion purchase of Citic Ltd from state-owned parent Citic Group after clearing all the necessary regulatory hurdles.

The new company will change its name to Citic Ltd, expected to take place by August 27, and will begin trading on the Hong Kong Stock Exchange on September 1.

As part of the deal, Citic Ltd attracted 27 strategic investors from China and overseas, who took about HK$53.27 billion worth of shares.  Public shareholding in the company will be about 22%.  

“As a unique China-focused conglomerate, we are now better positioned financially and strategically,”...

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