(Yicai Global) March 3 -- Citic, the largest shareholder of McDonald's Chinese mainland and Hong Kong business, has indirectly transferred a 22 percent stake in the fast food chain to affiliate firm Citic Capital Holdings for USD533 million.

A wholly owned subsidiary of Citic has agreed to transfer 42.3 percent of Fast Food Holdings, which owns 52 percent of the company that runs McDonald's in the two regions, to CCHL Fast Food Holdings, a unit under Citic Capital Holdings, the seller's parent said in a statement yesterday.

The deal will reduce Citic's stake in Fast Food Holdings to 19.23 percent and CITIC will no longer consolidate the firm's performance into its financial statements.

Citic Capital was the only company to bid for the stake when Citic put it up for sale, Citic Capital Chairman Zhang Yichen told reporters in January, explaining that the buyer cannot obtain the shares directly as the State-owned Assets Supervision and Administration Commission requires the transfer is conducted in the open market.

Editor: James Boynton