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CITIC Group Increases Stake In HK-Listed Frontier Services Group To 40.51%

By Amy Lam
Nikkei Markets
HONG KONG (Mar 07) -- Chinese state-owned conglomerate CITIC Group has more than doubled its shareholding interest in Hong Kong-listed logistics and security services provider Frontier Services Group to 40.51%, further strengthening its position as the company's single-largest shareholder.

CITIC acquired 370 million shares in Frontier Services on March 2 at HK$1.30 apiece in an off-market transaction valued at HK$481 million ($61 million), according to a filing to the Hong Kong stock exchange.

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