Reuters reported that Hong Kong listed China conglomerate CITIC Pacific Ltd expected to make a profit of USD 301 million from the sale of its stake in investment holding company CITIC Guoan.

The company said in a statement CITIC Pacific has agreed to sell its 50% non controlling interest in Guan for CNY 3.5 billion a move to allow it to focus on three major business lines, special steel making, iron ore mining and property development in China.

CITIC Guoan holds interests in cable TV, system integration and software development in China and has a 41.42% interest in Shenzhen listed Guoan Information. Separately, CITIC Pacific also said in a release on Friday it expected delays in production and export of iron ore from its Western Australia project to the first half of 2012 from the end of 2011.

(Sourced from Reuters)