Citic Sells $801M China AM Stake
Citic Securities has raised $801 million by selling a 31% stake in China Asset Management to three companies.
Citic Securities has raised $801 million by selling a 31% stake in China Asset Management (AMC) to three companies, Reuters reports. The firm, which was looking to sell its 51% stake in AMC, sold 11% of the shares to Southern Industrial Asset Management for $275 million. Power Corporation of Canada paid $278 million for a 10% interest, while an investment vehicle of the Shandong provincial government also bought a 10% stake. Citic is expecting to secure $1.27 billion from the sale of its stake, which was to be sold in five pieces.
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