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Wednesday, June 18, 2014

CORRECTED-Och-Ziff, others buying $690 million CITIC Pacific stake to boost free float, (NYSE: OZM)

Och-Ziff Capital Management Group LLC and Chow Tai Fook Nominee Ltd are among a list of 10 new investors who have agreed to purchase a combined HK$5.35 billion ($690 million) stake in CITIC Pacific Ltd, the Chinese state-owned conglomerate said in a stock exchange filing on Tuesday.The introduction of new investors would increase CITIC Pacific's free float to 19 percent, the statement added.Earlier this month, CITIC Pacific's minority shareholders approved a landmark deal to acquire $36 billion of assets from its state-owned parent CITIC Group, China's biggest and oldest financial conglomerate.The stock and cash deal had lowered CITIC Pacific's free float below what was required under Hong Kong rules, but the company secured a special exemption.

Och-Ziff Capital Management Group LLC (Och-Ziff) is an institutional alternative asset managers. Shares of OZM traded higher by 0.77% or $0.1/share to $13.10. In the past year, the shares have traded as low as $9.74 and as high as $16.00. On average, 1272670 shares of OZM exchange hands on a given day and today's volume is recorded at 900961.