Citic Telecom International Holdings Ltd. (1883.HK) has abandoned a plan to issue new shares to its state-owned parent for a 39% stake in Citic Networks Co.
The Hong Kong-listed company said late Wednesday that the termination came after certain conditions related to the proposed acquisition and share issuance hadn't been met before the deal's expiration date.
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Citic Telecom in August 2015 unveiled a plan to issue new shares to Citic Group Corp. for the Citic Networks stake, with an estimated valuation of 1.29 billion yuan ($201.5 million).
Citic Networks is the parent of China Express Network, which owns optic fiber networks in China.
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(END) Dow Jones Newswires
July 05, 2017 06:20 ET (10:20 GMT)