's Issuer Default Rating was affirmed on 28 March 2018 and is mainly driven by Fitch's expectations it will receive extraordinary support from major shareholder Central Huijin Investment Ltd., if needed, on the back of CICC
's assumed strategic role as an internationally influential investment bank from China and its strong linkage with Central Huijin, a wholly owned subsidiary of China Investment Corporation, China's sovereign wealth fund.
Morales faulted Garcia and the Cebu provincial government for not undertaking a public bidding before it awarded several contracts for the CICC
worth a total of P425.6 million 10 years ago.
DISH, CCTV, CICC
and TVB USA are represented in the lawsuit by the law firm of Davis Wright Tremaine LLP.
), the country's first Sino-foreign investment bank, is planning to raise about USD1bn from an initial public offering in Hong Kong this year, Bloomberg has reported, citing people familiar with the matter.
will also jointly serve as book-runner with Credit Suisse Founder Securities and Goldman Sachs Gao Hua Securities.
Morgan Stanley (NYSE: MS) is planning to sell parts of its stake in China International Capital Corporation (CICC
) to Great Eastern Holdings Limited (G07.SG), the insurer controlled by Singapore's Oversea-Chinese Banking Corporation (O39.SG), and to the Government of Singapore Investment Corporation (GIC), Bloomberg News has reported, citing unnamed sources familiar with the deal.
Morgan Stanley bought the CICC
interest for USD37m more than 10 years ago when the Chinese company was founded.Country: , ChinaSector: Banking/Financial ServicesTarget: China International Capital Corp (CICC
)Buyer: TPG Capital LP, Government of Singapore Investment Corp (GIC), Oversea-Chinese Banking Corp (OCBC), Kohlberg Kravis Roberts & Co LPVendor: Morgan StanleyDeal size in USD: 1bnType: LBO, StakebuildingStatus: BiddingComment: The deal size is potential.
Fitch expects CICC
to continue to receive extraordinary support, if necessary, from Central Huijin even with the stake sale.
A provincial legal officer and at least eight former Cebu provincial officials had been found guilty by the Ombudsman of gross neglect of duty and misconduct for violating bidding rules in the CICC
Following the resignation of China International Capital Corp's (CICC
) chairman, his place is to be taken up the head of the country's sovereign wealth fund.
KKR and TPG are said to buy each 11%, with CICC
's existing shareholders taking over the remainder.