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Och-Ziff, others buying $3.8bln CITIC Pacific stake to boost free float
June 17, 2014 / 10:07 AM / 3 years ago

Och-Ziff, others buying $3.8bln CITIC Pacific stake to boost free float

HONG KONG, June 17 (Reuters) - Och-Ziff Capital Management Group LLC and Chow Tai Fook Nominee Ltd are among a list of 10 new investors who have agreed to buy a combined HK$29.45 billion ($3.8 billion) stake in CITIC Pacific Ltd, the Chinese state-owned conglomerate said in a stock exchange filing on Tuesday.

The introduction of new investors would increase CITIC Pacific’s free float to 19 percent, the statement added.

Earlier this month, CITIC Pacific’s minority shareholders approved a landmark deal to acquire $36 billion of assets from its state-owned parent CITIC Group, China’s biggest and oldest financial conglomerate.

The stock and cash deal had lowered CITIC Pacific’s free float below what was required under Hong Kong rules, but the company secured a special exemption.

Other investors to buy stakes in CITIC Pacific are Mount Emei Investment, Oceanwide International, Youngor (Hong Kong) Industrial Co Ltd, Baylite Co, East Crimson Holdings, Trendfield, China Export & Credit Insurance Corp and Sinochem Hong Kong.

$1 = 7.7515 Hong Kong dollars Reporting by Denny Thomas; Editing by Matt Driskill

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