Biz News Flash
Citic to offload stake in CAMC
(皇冠体育app Daily)
Updated: 2011-05-26 13:52
 |
Large Medium Small |
皇冠体育app's Citic Securities, the country's biggest listed brokerage, will sell a 51 percent stake in 皇冠体育app Asset Management Co Ltd for at least 7.6 billion yuan ($1.2 billion), it said on Wednesday.
Regulatory requirements limit a single shareholder's maximum stake in a Chinese fund management firm to 49 percent.
Citic will sell its holding down to that level, it said in a statement to the Shanghai Stock Exchange.