China CITIC Financial Asset Management to Further Acquire Shares of CITIC Limited, Bank of China, China Everbright Bank

MT Newswires Live11-14

China CITIC Financial Asset Management (HKG:2799) plans to acquire a further 1.42 billion shares, representing 4.88% of the issued shares of CITIC Limited (HKG:0267) for over HK$12.3 billion at HK$8.7 per share by the end of December, a Wednesday Hong Kong bourse filing said.

The company plans to convene an extraordinary general meeting on Nov. 29 to propose further investment allocation including the further acquisition of CITIC Limited's shares among other things.

At the EGM, the company plans to propose a total further investment allocation of up to 50.3 billion yuan including further acquisition of Bank of China's (HKG:3988, SHA:601988) shares for up to 26 billion yuan, and acquisition of further shares of China Everbright Bank (HKG:6818, SHA:601818) for up to 4 billion yuan.

The company also plans to set up a Single Asset Service Trust for up to 20 billion yuan to make further investments with CITIC Trust as the trustee, CITIC Securities (HKG:6030, SHA:600030) and CSC Financial (HKG:6066, SHA:601066) as advisers and China CITIC Bank (HKG:0998, SHA:601998) as the custodian.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment