All figures are in Canadian dollars unless otherwise noted.
MONTRÉAL, Aug. 31, 2017 /CNW Telbec/ - Power Corporation of Canada (TSX: POW) announced today that it has completed the acquisition of an additional 3.9% equity interest in China Asset Management Co., Ltd. (China AMC). This transaction was initially announced on January 5, 2017. Together with a 10% interest purchased in 2011, Power Corporation now directly holds a 13.9% equity interest in China AMC.
China 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¥1.2 trillion (Can$232 billion) in assets under management as at December 31, 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.
Mackenzie Financial Corporation (Mackenzie Investments), an indirect subsidiary of Power Corporation, also reported today that it has completed its acquisition, in two separate transactions, of a 13.9% interest in China AMC. Those transactions were initially announced by Mackenzie Investments' parent company, IGM Financial Inc., on December 29, 2016 and January 5, 2017. Power Corporation and Mackenzie Investments therefore hold a combined 27.8% interest in China AMC.
ABOUT POWER CORPORATION
Power Corporation of Canada is a diversified international management and holding company with interests in companies in the financial services, renewable energy, communications and other business sectors in North America, Europe and Asia. To learn more, visit www.powercorporation.com.
SOURCE Power Corporation of Canada