Citic Pacific has moved closer to completing the purchase of Citic Ltd from its parent Citic Group for Rmb227 billion $36.4 billion after raising HK$39.5 billion $5.1 billion by selling 2.932 billion shares to 15 strategic investors.
Citic Pacific, a Hong Kong-listed company specialising in iron ore mining, property development and specialty steels, planned to fund the acquisition of Citic Ltd with Rmb50 billion in cash and via a massive Rmb177 billion new share issue to Citic Group, according to a company announcement issued in April.
To fund the acquisition, it also planned to raise Rmb50 billion through a new share placement with institutional...
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