CITIC Securities(600030.SH) sold a 31 percent stake in asset management company China Asset Management (China AMC) for 5.144 billion yuan to three companies, reports China Securities Journal, citing a company filing.

An 11 percent stake was sold to China South Industrial Group Corporation's (CSGC) South Industry Assets Management for 1.76 billion yuan, a 10 percent stake was sold to Shandong Rural Economic Development Investment Corporation (SDREDIC) for 1.6 billion yuan, and the remaining 10 percent stake was sold to Power Corporation of Canada for 1.784 billion yuan.

According to an announcement in May, CITIC Securities plans to sell its 51 percent stake in China AMC for no less than 7.563 billion yuan.

The sale of the 51 percent stake will be divided into five transactions. One of the transactions was the 11 percent stake sold for 1.76 billion yuan, and the remaining transactions will be 10 percent stakes to be sold for 1.6 billion yuan each.

According to the Beijing Financial Asset Exchange, the buyers of the remaining two 10 percent stakes have not been finalized

Source:capitalvue