Joint venture in China from Citic Pacific
According to recent news in the market, Hong-Kong based investment company Citic Pacific Ltd plans to form a joint venture steel company in
China. The two partners of Citic Pacific will be Bright Trinity Enterprises and Jiangyin Steel.
Citic Pacific will invest $23.84 million (HK$185.95 million) and the total investment is expected to reach $29.8 million (HK$232.3 million). The shares of the companies are 80%, 8.3% and 11.7% respectively.
Through this investment, Citic Pacific aims to strengthen its existence in
China.