Business
Power Corporation acquires an additional 3.9% interest in China Asset Management Co., Ltd.
Power Corporation acquires an additional 3.9% interest in China Asset Management Co., Ltd....
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\nPower Corporation acquires an additional 3.9% interest in China Asset Management Co., Ltd.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTRÉAL, Jan. 5, 2017\n\n\n\nAll figures are in Canadian dollars unless otherwise noted. Readers are referred to the section entitled \"Forward-Looking Statements\" at the end of this release. \n\n\n\nMONTRÉAL, Jan. 5, 2017 /CNW Telbec/ - Power Corporation of Canada (Power Corporation) (TSX: POW) today announced that it has entered into an agreement to acquire an additional 3.9% equity interest in China Asset Management Co., Ltd. (China AMC) for RMB¥936 million (Can$179 million). The seller, a Chinese state-owned enterprise, is a non-strategic investor. Together with a 10% interest purchased in 2011, Power Corporation's ownership in China AMC will be 13.9%.\n\nChina AMC was established in 1998 and was one of the first asset management companies approved by the China Securities Regulatory Commission. It is recognized as a leading company in the Chinese asset management sector, with RMB¥1.1 trillion (Can$215 billion) in assets under management, serving over 40 million retail investors and 400 institutional mandates as at June 30, 2016. China AMC is an affiliate of CITIC Group Corporation Ltd., China's largest conglomerate, with which Power Corporation has had an association since 1986. \n\n\"This is an important addition to our portfolio in China, investing in the fast-growing asset management sector and in one of the best companies in its class,\" said Olivier Desmarais, Vice-President of Power Corporation. \"Through this transaction, we are building on Power Corporation's long-standing presence in China and deepening our 30-year relationship with the CITIC Group of companies.\"\n\nMackenzie Financial Corporation (Mackenzie Investments), an indirect subsidiary of Power Corporation, also announced that it has agreed to acquire, in two separate transactions, a 13.9% interest in China AMC. Upon completion, Power Corporation and Mackenzie I...