Citic Pacific parent company assumes currency losses

Citic Group, the state-owned investment company of the People's Republic of China, will provide a $1.5 billion (HK$11.6 billion) standby loan facility, to be replaced by the issuance of a convertible bond of the same value. This bond will convert into shares at a price of HK$8 per share. On conversion of the convertible bond, Citic Group's shareholding in Citic Pacific will be 57.6%.

Existing Australian dollar leveraged foreign exchange contracts within Citic Pacific will be used for its Australi

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