Larry Yung Chi Kin sells 20% fiber project to CITIC Pacific

CITIC Pacific (0267) declared that it purchased 20% shares of domestic fiber fixed network project at HK$319 mln from Chairman Larry Yung Chi Kin, which increased the shareholding of CITIC Pacific in the project to 80%. CITIC Pacific would pay the deal through inner sources.

The remaining 20% shares are still held by Beijing CITIC.

The acquisition price represented a 17.2% discount of the project assets value.

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