June 18, 2014 / 6:40 AM / 4 years ago

CORRECTED-Och-Ziff, others buying $690 mln CITIC Pacific stake to boost free float

(Correcting amount in headline and first paragraph to $690 million from $3.8 billion)

HONG KONG, June 17 (Reuters) - Och-Ziff Capital Management Group LLC and Chow Tai Fook Nominee Ltd are among a list of 10 new investors who have agreed to buy a combined HK$5.35 billion ($690 million) stake in CITIC Pacific Ltd, the Chinese state-owned conglomerate said in a stock exchange filing on Tuesday.

The introduction of new investors would increase CITIC Pacific’s free float to 19 percent, the statement added.

Earlier this month, CITIC Pacific’s minority shareholders approved a landmark deal to acquire $36 billion of assets from its state-owned parent CITIC Group, China’s biggest and oldest financial conglomerate.

The stock and cash deal had lowered CITIC Pacific’s free float below what was required under Hong Kong rules, but the company secured a special exemption.

Other investors to buy stakes in CITIC Pacific are Mount Emei Investment, Oceanwide International, Youngor (Hong Kong) Industrial Co Ltd, Baylite Co, East Crimson Holdings, Trendfield, China Export & Credit Insurance Corp and Sinochem Hong Kong.

$1 = 7.7515 Hong Kong dollars Reporting by Denny Thomas; Editing by Matt Driskill

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