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CITIC Pacific, CIC not in talks on CITIC Capital stake sale: report

Feb. 5, 2009 (China Knowledge) - CITIC Pacific Ltd<267>, the Hong Kong-listed arm of China's biggest state-owned investment company CITIC Group, is not in talks with China Investment Corp (CIC) to sell its 50% stake in investment firm CITIC Capital to the latter, said an unnamed source close to the situation.

The report came after market rumors that CIC, the mainland's sovereign wealth fund, is negotiating with CITIC Pacific and its parent to acquire the 50% stake in CITIC Capital, which manages assets of more than US$1.6 billion (HK$12.48 billion).

Reportedly, the stake sale could be worth several hundred million U.S. dollars according to calculations based on CITIC Capital's current registered capital, the report said.

CITIC Pacific spokeswoman refused to comment on the issue, while CIC also said it would not respond to market speculation.

CITIC Pacific shares rose 3.25% to close at HK$9.20 on Wednesday.

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