CITIC gained gold assets by buying Gold One

CITIC gained gold assets by buying Gold OneChina’s biggest state owned investment company CITIC and its partners agreed and bought Gold One International Ltd for A$444 million. By buying the company CITIC gain gold assets in South Africa.

Citic was offering 55 cents per share of each Gold One’s 28 percent more than the closing price last Thursday, based on the report of a Sydney based company. Other members of the bidding group were China Development Bank Corp. and Long March Capital Group. The companies were seeking at least 75 percent stake and is panning to keep trading in Australia and South Africa with listings in Hong Kong.

The deal made by the companies was a great advantage since the companies were great partners and have access to grow their capital. Staying list in the market can also raise future capital. Gold One is the operator of the Modder East mine in South Africa, and projects in Mozambique and Namibia, which helped boost takeovers in the industry.

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