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|CITIC Pacific Changes Its Name to CITIC Ltd|
|=Capital intensification of the group was completed=|
CITIC Pacific Limited, China's state-run conglomerate, announced on August 25th that it completed acquisition of 100% share of its group company CITIC Limited and finished capital intensification of the group. After receiving all necessary regulatory approvals, it will be renamed CITIC Limited on August 27th. It is anticipated that trading under the new name on the Hong Kong Stock Exchange will start on September 1st, 2014.|
The new CITIC Limited successfully attracted 27 investors from China and overseas countries including Japan, representing an aggregate amount of HK$53.27 billion. Public shareholding in the company is approx. 22%.
CITIC Limited is China's largest conglomerate with businesses in financial service, real estate and infrastructure, engineering contracting, resources, energy and manufacturing.
CITIC Pacific has been promoting the Sino iron project to develop the magnetite mine at Cape Preston located 100 km southwest of Karratha in Western Australia to handle business from mining to sales. It plans to produce 24 million tonnes per year of iron ore.
|last modified : Mon 01 Sep, 2014 [10:09]|