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Huarong gets regulatory nod for USD2.36bn sale of stake
Thursday 28 August 2014

28 August 2014 – Bad debt management specialist China Huarong Asset Management Co Ltd said it had obtained regulatory clearance to sell a 20.98% stake to a consortium of eight investors for CNY14.5bn (USD2.36bn/EUR1.79bn).

The buying consortium includes China Life Insurance Company Ltd (SHA:601628), Goldman Sachs Group Inc (NYSE:GS), US private equity group Warburg Pincus LLC, CITIC Securities International Co Ltd, Chinese grain, oil and foodstuff company COFCO Corp, local conglomerate Fosun International Ltd (HKG:0656), International Capital Corp and Malaysia's sovereign wealth fund Khazanah Nasional Berhad.

Today's announcement follows speculations by Reuters that Huarong wants to sell a stake of up to 20% to secure additional funds ahead of a floatation.

Huarong, founded in 1999, had USD65.7bn in assets under management as of end-2013.
Details
Date Published: 28/08/2014
Target: China Huarong Asset Management Co Ltd
Country: China
Deal Size: 2.4bn (USD)
Sector: Banking/Financial services
Type: Stakebuilding
Status: Agreed
Buyer: International Capital Corp , Khazanah Nasional Berhad, Goldman Sachs Group Inc, China Life Insurance Company Ltd , CITIC Securities International Co Ltd, Warburg Pincus LLC, COFCO Corp, Fosun International Ltd

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