CITIC Ltd is in early talks with companies including Japan's Itochu Corp and Thailand's Charoen Pokphand Group (CP) about a large share placement, a person familiar with the matter said, as the Chinese state-owned conglomerate tries to broaden its investor base.CITIC Group, China's oldest and biggest financial conglomerate, completed an ambitious restructuring in August by injecting about $36 billion worth of assets into a Hong Kong-listed unit. The move was part of Chinese President Xi Jinping's reforms to state-owned enterprises.To part-fund that acquisition and increase the company's free float CITIC Ltd, formerly known as CITIC Pacific, conducted a share placement raising about $5.1 billion from 27 investors including Och-Ziff Capital Management Group LLC, sovereign wealth fund Qatar Holding and Singapore state investor Temasek Holdings.CITIC Ltd said on Friday that it has continued discussions with "investors who remain interested in cooperation with the company," but the talks were at a very preliminary stage and the company has not entered into any binding agreement.
Och-Ziff Capital Management Group LLC (Och-Ziff) is an institutional alternative asset managers. Shares of OZM traded higher by 0.33% or $0.04/share to $12.08. In the past year, the shares have traded as low as $10.01 and as high as $16.00. On average, 1009960 shares of OZM exchange hands on a given day and today's volume is recorded at 549968.
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