China Huarong Asset Management buys 5% stake in CITIC Ltd (updated)

China CITIC Financial Asset Management

15/11/2023 14:23

(Adds more details from paragraphs 2-4)
       Nov 15 (Reuters) - China Huarong Asset Management
 2799.HK  said on Wednesday it has agreed to buy a nearly 5%
stake in CITIC Ltd  0267.HK  from CITIC Polaris for HK$13.63
billion ($1.75 billion).
    The purchase price of HK$9.35 per share represents a 29.3%
premium to CITIC's last closing price of HK$7.23. 
    The company, one of four major state-owned distressed debt
managers, said it expects to fund the acquisition through the
group's own funds. 
    CITIC Polaris is an unlisted unit of the larger CITIC Group
Corp.

($1 = 7.8067 Hong Kong dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))