Citic to sell its stake in company behind McDonald’s in Greater China for US$430 million
Citic says sale is not expected to adversely impact its operations or financial position
Hong Kong-listed Citic said it would sell its 19.23 per cent stake in Fast Food Holdings to a private-equity unit of its affiliate, Trustar Capital Partners, according to a stock exchange filing on Monday.
“The disposal is based on the group’s business development strategy” and “provides a good investment return”, Citic said. It said the sale is not expected to adversely impact its operations or financial position.
On Monday, Citic Capital said it and private-equity affiliate Trustar will own 52 per cent of Fast Food Holdings following the completion of the latest transaction.
“Driven by strong optimism about the growth prospects of the Chinese economy and consumer market, as well as the development potential of McDonald’s China, the Citic Capital consortium has increased its investment,” the firm said in a statement.
