Friday, July 25, 2014   

State fund in talks to buy stake in CITIC unit
(02-05 18:55)

China's sovereign wealth fund is in talks to buy up to 50 percent of CITIC Capital Holdings, an investment arm of state financial conglomerate CITIC Group, state media said.

The deal could be worth hundreds of millions of US dollars, based on CITIC Capital's registered capital, China Daily reported, citing a source.

China Investment Corp, the US$200 billion (HK$1.56 trillion) sovereign wealth fund, is likely to buy the stake from CITIC Pacific, which currently owns 50 percent of CITIC Capital.

A spokeswoman with CITIC Pacific declined to comment on the report while officials at CITIC Capital and CIC were not immediately available for comment.

AGENCE FRANCE-PRESSE   
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