Jan. 24, 2007 (China Knowledge) – Chinese conglomerate CITIC Pacific <0267> has applied to the stock exchange to list its wholly owned telecom unit, it said Tuesday.

The conglomerate said in the statement that the proposed spin-off would not require shareholder approval as the unit, CITIC 1616 Holdings, will "continue to be consolidated into the accounts of CITIC Pacific after the completion of the spin- off." As a result, the parent's interest in CITIC 1616 will not be diluted.

CITIC Pacific also expects to remain a major shareholder of CITIC 1616 after the listing, the company said.

The CITIC 1616 spinoff is seen as CITIC Pacific wanting to focus on its core businesses which include iron ore, China property and special steel.