Citic Pacific to Buy Parent Company's Assets for 226.9 Bln Yuan

(Hong Kong) – Citic Pacific Ltd. is to buy almost all of its parent company's assets for 226.9 billion yuan, the Hong Kong-listed company said on April 16.

This move takes the reform of Citic Group, the country's biggest state-owned financial and industrial conglomerate, one step further.

The announcement fleshed out a plan Citic Pacific announced on March 26. The plan said Citic Group would list in Hong Kong by reversing its assets into Citic Pacific. The deal would be completed by Citic Pacific issuing new shares and using cash to buy those assets. It did not say how much the takeover will cost.