HONG KONG: Minority shareholders of Hong Kong-listed CITIC Pacific Ltd have approved a landmark deal to acquire US$36bil of assets from its state-owned parent CITIC Group Corp, China’s biggest and oldest financial conglomerate.
The go-ahead clears the way for the purchase of practically all of the conglomerate’s assets. In doing so, shareholders endorsed not just China’s ambition to reform its state-owned enterprises.
Already a subscriber? Log in
Save 30% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
