HONG KONG Aug 26 Hong Kong-listed CITIC Pacific
Ltd has completed its acquisition of 100 percent of
CITIC Ltd after receiving all necessary regulatory approvals,
and has become China's largest conglomerate with a market value
of about $50 billion.
In a statement late on Monday, CITIC Pacific said it will be
renamed CITIC Ltd effective on Wednesday, and the stocks will
trade under the new name from September 1.
Minority shareholders of CITIC Pacific had in June approved
a landmark deal to acquire $36 billion of assets from its
state-owned parent CITIC Group Corp, China's biggest
and oldest financial conglomerate.
The deal was hailed as the biggest state-owned enterprise
reform in China. It changes CITIC Pacific's business mix
considerably. The deal centres on the acquisition of CITIC Ltd,
the chief operating arm of CITIC Group.
"As a unique China-focused conglomerate, we are now better
positioned financially and strategically," chairman Chang
Zhenming said in the statement.
The new CITIC Ltd, with businesses including financial
services, real estate and infrastructure, resources and energy,
had attracted 27 strategic investors from the mainland and
overseas, representing an aggregate HK$53.27 billion, it added.
(1 US dollar = 7.7501 Hong Kong dollar)
(Reporting by Donny Kwok; Editing by Stephen Coates)