Money

Citic Securities seeks $1.26b for its 53% stake in China Securities

(Agencies)
Updated: 2010-06-30 10:56

Citic Securities Co is offering to sell its 53 percent stake in China Securities Co for 8.59 billion yuan ($1.26 billion) on the Beijing Financial Assets Exchange, according to filings to the exchange.

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The brokerage is offering to sell a 45 percent stake in China Securities for 7.29 billion yuan and another 8 percent stake for 1.3 billion yuan, according to two separate statements posted to the Beijing exchange. The company is seeking offers for the stakes from June 29 to July 26, according to the statements.

Citic Securities said earlier this month it was planning to sell its stake in China Securities to meet regulatory requirements.