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the privately owned Hang Chong Investment(20) at a cost
of HK$6.94 billion(21), CITIC Pacific planned to raise
about HK$2 billion through the placement of 1.29 billion
new shares at HK$1.55 each, with the remaining HK$500
million needed for the acquisition coming from internal
resources and from borrowing, if necessary. Before the
acquisition of Hang Chong Investment, CITIC Pacific's major
investments included a 38.3% stake in the Hong Kong Dragon
Airlines Ltd.. a 12.5% stake in the Cathay Pacific Airways
Ltd., a 20% stake in the Macau Telecommunications, and
properties valued at around HK$647 million. Earlier on,
CITIC (HK) teamed up
with Swire Pacific Ltd. to increase
their holdings of Hong Kong Dragon Airlines Ltd. by 17%.
CITIC (HK) has always been the most active PRC-interest
company participating in major investment deals in Hong
Kong.
34.
In respect of participation by PRC-interest
companies' in Hong Kong's infrastructural development,
China's largest contracting firm, China State Construction
Engineering Corporation, together with a Dutch partner, Van
(20) Hang Chong Investment is the holding company for car distributor Dah Chong Hong and holds investments in airlines, utilities, properties and telecommunications. Analysts put an estimate of HK$6 billion on the total value of its properties around the world in Hong Kong, the United States, Canada, Japan and Singapore.
(21) CITIC Pacific is the listed vehicle of CITIC (HK)
which holds 49% of the share capital of the former.
In the acquisition of Hang Chong Investment, CITIC Pacific has a stake of 36% in the consortium.
The other partners include Li Ka-shing (19%), Chow Tai Fook Enterprises (18%), Peregrine Investment Holding (8%), Kerry Trading
(7%), CITIC
Chairman Yung Chi-kin (6%),
Pacific
and others (6%).
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