Oct 21 Reuters China39;s stateowned CITIC Ltd has agreed to sell its 19.23 stake in the company that operates fastfood chain McDonald39;s across China and Hong Kong for 430.3 million, fully exiting the business.

It will sell the stake in Fast Food Holdings to a unit of Chinese private equity firm Trustar Capital Partners, CITIC said in a statement.

Fast Food Holdings owns 52 of the holding company managing McDonald39;s businesses in mainland China and Hong Kong.

The divestment comes after four years, when a unit of CITIC had put up for sale a stake it held in Fast Food Holding, intending to raise about 312 million.

In 2017, McDonald39;s sold a majority stake in its China and Hong Kong operations to CITIC, its investment arm CITIC Capital, now known as Trustar, and Carlyle, in a deal valued at 2.1 billion at the time.

McDonald39;s in 2023 increased its stake in the Chinese business to 48 by buying Carlyle39;s 28 share, valuing the stake at 6 billion.

1 7.1116 Chinese yuan renminbi

Reporting by Roshan Thomas in Bengaluru; Editing by Arun Koyyur and Devika Syamnath

Source Reuters