CP Group and Itochu raise $470m in Citic block

The sale of the jointly held 1% is a precursor to Itochu and CP Group's upcoming $10.4 billion purchase of a 20% stake in Citic - one of the largest transactions in a Chinese SOE.

Charoen Pokphand Group, overseen by Thailand’s wealthiest man Dhanin Chearavanont, and Japanese trading firm Itochu, have through a joint-subsidiary offloaded their entire 1% stake in Citic Limited and raised $470 million in the process.

The share sale will allow CP Group and Itochu to proceed with a previously announced 20% stake purchase in Citic Ltd for $10.4 billion, as China’s state-owned giants open doors to more private capital.

CP Group and Itochu, through joint subsidiary Chia Tai Bright Investment CT Bright, offloaded the 1% stake or 249 million shares in Citic Ltd at HK$14.73 per share, representing a 4%...

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