Economy
Financial Markets
Commodities
Industries
Energy
Real Estate
Local listed Company
Overseas-listed Company
Foreign Company
Industrial Parks

 
Company - Domestic
 Search News  Or
CITIC Pacific to sell cable television assets to parent

Jul. 19, 2011 (China Knowledge) - CITIC Pacific Ltd<0267> on Jul. 15 said it plans to sell stakes in a Chinese cable television company to its parent CITIC Group, China's biggest state-owned investment conglomerate, for RMB 3.51 billion.  

CITIC Pacific said in a statement that it will sell 50% stake in Citic Guoan Co to CITIC Group, which will become the sole owner of the target firm after the deal, to focus on the investment of special steel, iron ore mining and real estate. Total assets of the three businesses accounted for 72% of CITIC Pacific's total assets as of Dec. 31, 2010.

Citic Guoan's major assets are 41.4% equity interests of Shenzhen-listed Citic Guoan Information Co<000839>, which operates cable television projects in seven Chinese provinces.

CITIC Pacific expects to earn HK$2.35 billion in profit via the sales of the cable television assets.

In addition, CITIC Pacific said it will delay iron exports from an iron ore project, located in Pilbara, Australia, to the first half of 2012 from the end of this year, adding that the company has mining right of 2 billion metric tons of iron ore in the project.







Copyright © "2013" www.chinaknowledge.com

Send feedback or comments to: news@chinaknowledge.com

For more news, financial weekly reports, business guides to China, Market Research Reports and other premium information, subscribe to China Knowledge today

To access our page on Bloomberg, type CKFI (GO)

 Our Professional Services
 News Archive
About Us | CSR | Media Center | E-Newsletter | E-Store | Contact Us | Feedback | Sitemap | Privacy Policy | Terms of Use  

           Copyright © 2014 China Knowledge Online. All Rights Reserved