Chinese conglomerate Citic Ltd. (0267.HK) said Friday it plans to spin off its unit Citic Press Corp. on the Growth Enterprise Market of the Shenzhen Stock Exchange.
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Citic said the move will provide Citic Press, which engages in book publishing and bookstore retailing in China, an independent platform for possible fund raising and enhance its financing flexibility.
The proposed spinoff is subject to various regulatory approvals, Citic added.
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(END) Dow Jones Newswires
May 26, 2017 07:24 ET (11:24 GMT)