CITIC attracts $10 bln investment from Japan, Thai firms

CITIC Ltd. on Tuesday announced a deal with Japan's Itochu Corp., and Thailand's Charoen Pokphand Group that would enable it to further capitalize on opportunities in the global business market.

The Hong Kong-listed CITIC said in a statement that the agreement with CT Bright, a joint Itochu-Charoen Pokphand venture, will involve 800 billion HK dollars (10.3 billion U.S. dollars).

CT Bright will first purchase a 10 percent stake in CITIC Ltd. In the coming months, CITIC will issue CT Bright convertible preferred shares, once completed the joint venture will hold a 20.61 percent stake in CITIC.

CITIC Group will remain the controlling shareholder.

The deal, CITIC said, will further diversify its ownership structure, and the three companies will set up a strategic cooperation committee to develop business in areas such as financial services, information technology, resources and energy

"We hope the deal will help us do business in different countries and industries as [together] we have complementary advantages," said Chang Zhenming, Chairman of CITIC Ltd.

"The deal shows that CITIC's reform efforts and globalization strategy are ongoing," he added.