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| CITIC to Sell 1.5 Bln Yuan Debt |
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CITIC Securities Co, The Beijing-based brokerage plans to sell 1.5 billion yuan of 15-year bonds, it said in a statement to the CITIC Securities, an arm of China International Trust & Investment Corp, the nation's biggest State-run investment company, is expanding as the government encourages the consolidation of the country's brokerage industry that posted a combined loss of 15 billion yuan in 2004 due to a slump in equity markets. The company in September 2004 agreed to buy Gold Stones Securities Co for 796 million yuan (US$98.27 million). A month earlier it took over debt-ridden Huaxia Securities Co with China Jianyin Investment Ltd, an investment arm of the nation's central bank. The brokerage yesterday said it plans to acquire CITIC Capital Markets Co, CITIC Capital Securities Ltd and CITIC Capital Futures Ltd from CITIC Capital Markets Holdings Co for US$380 million. The brokerage will inject HK$300 million (US$38.5 million) into its CITIC Securities also plans to acquire a 41 percent stake in Huaxia Futures Co for 12.4 million yuan (US$1.53 million), according to the statement. The debt sale and acquisition plans are pending shareholders' approval at a meeting to be held on February 17. In a separate statement, the brokerage said 2005 profit probably rose by more than half from a year ago on lower provisions for proprietary trading after it cut back on risky investments. The company, which is slated to report 2005 earnings on April 15, didn't provide any figures in its statement to the Shanghai Stock Exchange yesterday. The brokerage reported a 2004 net profit of 182.2 million yuan (US$22.5 million), according to international accounting standards. (
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