Louise Duffy ©RapidTVNews | 17-07-2011

China conglomerate Citic Pacific is to sell its 50% stake in Chinese cable TV business Citic Guoan to its state-owned parent Citic Group for CNY3.51 billion (£336 million), as the company streamlines its operations to focus on commodities and mainland property development.

Citic Group will become the sole owner of the investment holding company whose main asset is a 41.4% interest in Citic Guoan Information, a Shenzhen-listed company that operates cable television projects in seven Chinese provinces.