STATE-OWNED conglomerate Citic will sell its stake in the company behind McDonald's in Hong Kong, Macau and on the mainland for US$430 million, as operators of fast food restaurants compete for Chinese consumers, reports Hong Kong's South China Morning Post.
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.
'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.
In 2020, Citic trimmed its ownership in Fast Food Holdings by selling a portion of its stake to investment affiliate Citic Capital. 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.
SeaNews Turkey
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.
'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.
In 2020, Citic trimmed its ownership in Fast Food Holdings by selling a portion of its stake to investment affiliate Citic Capital. 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.
SeaNews Turkey
