China's Citic Plans to Sell Part of Stake in McDonald's China Operations
January 08 2020 - 3:11AM
Dow Jones News
By Martin Mou
Chinese state-owned conglomerate Citic Group is selling part of
its stake in McDonald's China operations for at least 2.17 billion
yuan ($312.4 million).
Citic unit Starry Dream Investments Ltd. has put up a 42% stake
in Fast Food Holdings Ltd., which controls McDonald's China
operations, for sale on the Beijing Equity Exchange, according to a
filing to the exchange on Wednesday.
Starry Dream Investments owns 62% of Fast Food Holdings while
CCP Fast Food Holdings Ltd. holds the remaining 38% stake.
Citic and Carlyle Asia Partners bought a controlling interest in
McDonald's Mainland China and Hong Kong businesses in 2017 from the
U.S. fast-food chain operator for $2.08 billion.
Write to Martin Mou at martin.mou@wsj.com
(END) Dow Jones Newswires
January 08, 2020 02:56 ET (07:56 GMT)
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