Japan's Itochu and Thailand's CP Group to invest US$10 billion in Citic Group

[HONG KONG] Japanese trading house Itochu Corp and Thailand's Charoen Pokphand Group (CP) will jointly invest a total of HK$80.3 billion (US$10.36 billion) in China's Citic Group, the companies said in a Hong Kong stock exchange filing on Tuesday.

The companies will also enter into a strategic partnership, the filing said.

Citic, China's oldest and biggest financial conglomerate, has been trying to broaden its investor base.

It completed a restructuring in August by injecting about US$36 billion worth of assets into a Hong Kong-listed unit, part of Chinese President Xi Jinping's reforms to state-owned enterprises.

REUTERS