Citic Pacific enlarges steel stake
22 December 2004
Citic Pacific, the Hong Kong-listed investment arm of the central government, increased its stake in Daye Special Steel Co to 58.13%, according to a statement by the steel company. Quoting a Citic statement to the Shenzhen stock exchange, Bloomberg reported that the conglomerate paid a combined RMB 400m, or RMB 2.29 a share, to acquire 38.86% of Daye from main shareholder Yegang Group. Earlier, Citic acquired 19.27% of the Hubei-based steel coil maker for RMB 209m.