McDonald’s China said in a statement Wednesday that Citic is looking for buyers for a 22% stake, which will bring its share in the chain’s China operations down to 10%. The bottom price for the stake is set at 2.17 billion yuan ($312 million) and the bidding process is ongoing, said a disclosure document filed by Citic to the Beijing Equity Exchange.
HONG KONG: Chinese state-owned conglomerate Citic Ltd is planning to significantly reduce its stake in McDonald’s China Co more than two years after it bought into the fast-food chain, as rising costs pinch the franchise’s profit.
McDonald’s China said in a statement yesterday that Citic is looking for buyers for a 22% stake, which will bring its share in the chain’s China operations down to 10%. The bottom price for the stake is set at 2.17 billion yuan (US$312mil) and the bidding process is ongoing, said a disclosure document filed by Citic to the Beijing Equity Exchange.
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