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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Citic Pacific shareholders approve bailout By DIKKY SINN,Associated Press Writer AP - Saturday, December 20 HONG KONG - Shareholders of Citic Pacific Ltd., the Hong Kong arm of a Chinese government investment firm, approved a $1.5 billion bailout from its parent company to cover losses from bad currency bets. A majority of independent shareholders voted in favor of a 11.6 billion Hong Kong dollar loan ($1.5 billion) provided by Beijing-based Citic Group, according to a document filed to the Hong Kong Stock Exchange late Friday. The loan would be replaced by a convertible bond of the same value and converted into shares at an initial price at HK$8 per share, the Hong Kong company earlier said. Shares of Citic Pacific rose 4.2 percent to HK$8.60 Friday. The bailout from Citic Group will also include assuming all liabilities from Citic Pacific's bad bets against the U.S. dollar from leveraged foreign-currency contracts. Citic Pacific, a Hong Kong-listed conglomerate with businesses ranging from airlines to mining, said in October it faced significant losses after bets on the Australian dollar _ to hedge the costs of supplies and equipment for an Australian iron-ore operation _ and other currencies went bad. Total losses from all contracts were estimated at HK$16.8 billion last month. Citic Pacific Chairman Larry Yu said securing the loan would allow the company to concentrate on running businesses. "It will enable us to strengthen our capital base and cushion us from any foreign exchange rate volatility in the future," Yu said in a statement issued late Friday. He dodged questions about whether he and Managing Director Henry Fan should step down. "This issue has to be dealt with through special procedures. It has to be raised and decided in the annual shareholders' meeting," Yu told reporters. Citic Pacific is under investigation by the territory's securities watchdog, the Securities and Futures Commission, and the company that runs the Hong Kong Stock Exchange, for a delay in disclosing the losses. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business UAE buys U.S. missiles in $3.3 bln deal-reportReuters - 53 minutes ago Pakistani c.bank buys 11.22 bln rupees of T-billsReuters - 1 hour 24 minutes ago Malaysia's Sime sees '09 CPO price at 1,800-2,000 rgtReuters - 2 hours 8 minutes ago Japan's cabinet OKs extra budget to stimulate economyAFP - 2 hours 19 minutes ago Citic Pacific shareholders approve bailoutAP - Saturday, December 20 Most Popular – Business Viewed Global economy seen sinking into 'severe' 2009 recession: report Actress Jennifer Aniston appears naked in GQ magazine Oil prices mixed; New York contract expires below 34 dollars Ageing L'Oreal heiress defends billion-dollar giveaway Deep Throat, Watergate's secret informant, dies at 95 View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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