Chinese investment conglomerate Citic Group, whose businesses span property, mining, energy, banking and a soccer team, plans a massive restructuring that will allow it to tap more overseas capital for its sprawling empire.
Citic’s announcement follows on the heels of plans from a number of other Chinese state-owned enterprises – including oil group Sinopec– to raise money from the sale of a profitable business without giving up control.
Citic Pacific, the Hong Kong-listed subsidiary, said yesterday that its parent planned to inject nearly all its assets into the unit in return for cash and new stock to be issued at HK$13.48 a share. Citic Group, which owns 58 per cent of Citic Pacific, valued its equity at Rmb225bn ($36bn).
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