Date
25 September 2017
CITIC Pacific is taking over its state-owned parent's assets in a US$37 billion deal. Photo: Bloomberg
CITIC Pacific is taking over its state-owned parent's assets in a US$37 billion deal. Photo: Bloomberg

CITIC Pacific may complete asset purchase from parent next month

CITIC Pacific Ltd. (00267.HK) may close its asset acquisition deal with parent company CITIC Group in July, a month earlier than previously expected, its chairman Chang Zhenming said.

The remarks came after the listed company on Tuesday gained shareholders’ approval for the US$37 billion deal.

Chang said the acquisition can be completed next month if the review process carried out by authorities in the mainland and Hong Kong is smooth.

The listed arm also aims to disclose by June 15 the second batch of investors who will purchase its new shares to fund the acquisition, Chang added.

Fifteen investors, including eight funds and institutions backed by the Chinese government, have subscribed to a combined 39.5 billion new shares in a placement last month, to comply with listing requirements on the levels of public shareholding.

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