HONG KONG, March 27 Shares in Chinese
steel-to-property conglomerate CITIC Pacific Ltd are
indicated to open 20 percent higher on Thursday after its parent
CITIC Group agreed to inject its main operating arm into CITIC
CITIC Pacific said in a filing late on Wednesday that it
will purchase 100 percent of CITIC Ltd, which had total equity
of about 225 billion yuan ($36.3 billion) at the end of 2013.
CITIC Ltd's businesses in China range from real estate to
banking, securities, infrastructure, energy, natural resources
and engineering among others. CITIC Ltd made a net profit of 34
billion yuan in 2013, the filing said.
Shares in CITIC Pacific are indicated to open at HK$15.20,
up 20 percent from their previous close, while the benchmark
Hang Seng Index is set to start flat.
CITIC Pacific shares had been suspended from trading since
last Monday pending an announcement.
(Reporting by Denny Thomas; Editing by Kenneth Maxwell)