CITIC-ANZ Celebratory Dinner for Project Pioneer
Senior Executives from ANZ and CITIC Group celebrated the completion of “Project Pioneer” over a celebratory dinner in Beijing on Friday, 17 August 2007. The dinner was hosted by Dr. Bob Edgar (ANZ Senior Group Managing Director) was attended by CITIC Executive Director Mr. Mi Zeng Xin, Assistant President Mr. Zhang Ji Jing and their project team members, as well as ANZ Asia Head of Corporate Finance Mr. Andrew Steadson, Beijing Branch General Manager Mr. Wayne Mo, and key project team members Asia Head of Mergers & Acquisition Mr. Glenn Porritt, Director cum Project Team Leader Mr. David Scott and Director Ms. Pang Siew Huey.
ANZ acted as the Sole Financial Advisor to CITIC Group’s milestone USD 1.91 billion acquisition of 100% of the issued share capital of Nations Energy Company Ltd, a Canadian incorporated entity that owned and operated 100% of the Karazhanbas oil field in Kazakhstan which had proven reserves of approximately 400 million barrels. The transaction, which involved regulatory approvals in Canada, Kazakhstan and Beijing entailing three different sets of laws and languages, was concluded after 18 months of protracted and challenging negotiations with the vendor. The acquisition was by way of a competitive auction and was conducted through a complex Scheme of Arrangement process.
At the dinner, Dr. Edgar thanked CITIC Group for their support and belief in ANZ’s capabilities and reiterated ANZ’s strong desire to further strengthen the already strong relationship developed between ANZ and CITIC Group through continued partnership in many more milestone transactions. CITIC Group Executive Director Mr. Mi thanked ANZ for our valued advice in Project Pioneer and the professionalism displayed by all staff involved in the project.
Established in 1979, CITIC Group is one of the largest state owned conglomerates in China. Its diverse operations cover geographies such as Asia, Australia, North and South Americas, Africa and Middle East. The group has over 40 subsidiaries including seven public companies listed on Hong Kong, New York and Australian stock exchanges. CITIC Group’s main business operations include financial services, energy and resources, manufacturing, international contracting for engineering and construction, property development, telecommunications, investment in infrastructure and transportation, and international trade.
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