Biz News Flash
Citic to offload stake in CAMC
(China Daily)
Updated: 2011-05-26 13:52
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China's Citic Securities, the country's biggest listed brokerage, will sell a 51 percent stake in China 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.
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