(Reuters) - China’s CITIC Pacific Ltd (0267.HK) plans to sell about $4 billion of shares to restore its public float after absorbing assets from state-owned parent CITIC Group Corp CITIC.UL, Bloomberg reported, citing people with knowledge of the matter.
CITIC Pacific may approach sovereign wealth funds like China Investment Corp CIC.UL and Singapore state investor Temasek Holdings TEM.UL about buying stock in the offering, Bloomberg said. (link.reuters.com/hyb97v)
CITIC Pacific said in a filing late on Wednesday that it will acquire 100 percent of CITIC Ltd, the business housing the CITIC Group assets, using a combination of new shares and cash.
CITIC Pacific could not immediately be reached for comment by Reuters.
CITIC Ltd’s businesses in China range from real estate to banking, securities, infrastructure, energy, natural resources and engineering among others.
Reporting by Supriya Kurane in Bangalore; Editing by Kenneth Maxwell