CITIC's to Sell Remaining Stake in McDonald's China, Hong Kong Businesses

MT Newswires Live10-21

CITIC's (HKG:0267) agreed to sell its remaining 19.23% equity interests in Fast Food Holdings to Trustar Fast Food Holdings for a total consideration of $430.3 million, a Monday filing with the Hong Kong Exchange said.

The disposal will include the assignment of FFHL's shareholder loans of $74 million to the buyer and the company will have no interest in FFHK after the completion of the transaction.

FFHL holds 52% equity interests in Grand Foods Holdings which is the holding company of McDonald's mainland China and Hong Kong businesses.

The shares of the company operating in finance and intelligent manufacturing among others closed over 2% lower on Monday.

Price (HKD): $9.27, Change: $-0.23, Percent Change: -2.42%

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