NSSF, Temasek, Qatar participate in CITIC Pacific share sale

They are among 15 strategic investors in the share sale.

CITIC Pacific said last month it will buy assets - ranging from financial services to natural resources - from CITIC Group, enabling the Chinese conglomerate to list in Hong Kong. The company will be renamed to CITIC upon completion of the deal.

According to a regulatory filing, CITIC Pacific is selling 2.93 billion shares to the strategic investors at HK$13.48 apiece, representing a 1.75% discount to the closing price on Tuesday. The shares sale will satisfy the Hong Kong Stock Exchange's minimum public float requirement of 15%, the company said.

China's largest pension fund NSSF, through ICBC Credit Suisse Asset Management and Bosera Asset Management, will purchase HK$16.8 billion in shares, picking approximately a 5% stake in the company. Temasek will pay HK$780 million of shares for a 0.23% interest and Qatar Holdings will commit HK$1.56 billion for 0.46%.

Several direct investment arms owned by China's Big Four banks have also committed to buy shares in CITIC Pacific, including Bank of China Group Investment, Agricultural Bank International's vehicle, CCBI Investments, an investment arm owned by China Construction Bank Corporation, and ICBC International Finance.

Insurance companies are also lining up for the financing. They are China Life, CTBC Life Insurance, Hong Kong's AIA, Taiwan's Fubon Life Insurance, and Japan's Tokio Marin & Nichido Fire.

The reverse take-over deal is set to be completed by the end of August.

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• Topics
• Greater China
• PIPEs
• China
• Hong Kong (China)
• NSSF
• Temasek Holdings
• Qatar Holdings
• Sovereign wealth fund
• PIPE