The 58.66 per cent stake in listed Gitic Enterprises indirectly held by failed Guangdong International Trust and Investment Corp (Gitic) may fetch as much as $253 million based on initial estimates. ICEA Finance Holdings chief executive Meocre Li yesterday said he expected the stake would be priced at a discount of between 10 and 60 per cent to its net asset value. This would translate into between $112.6 million and $253.7 million based on the firm's net assets of $480.6 million as of December 31, 1997, the latest figure available. ICEA was appointed last month by liquidators of Gitic Hong Kong (Holdings) (Gitic HK) and Guangxin Enterprises, the SAR subsidiaries of Gitic, as financial adviser on the disposal of Gitic HK's interests in two listed firms. Apart from the controlling stake in Gitic Enterprises, Gitic HK also held a 15.07 per cent interest in DC Finance. Mr Li said listed-company status could fetch more than $100 million in good times but might not be worth much in the present market. This meant the price of a controlling stake would be based on a company's net asset value as the buyer could sell its assets, he said. The discount range would depend on the level at which second- and third-line stocks were trading. Potential buyers which could achieve greater synergies might be willing to pay more. More than five firms had been short-listed as potential buyers of Gitic Enterprises. They were not mainland corporates as Mr Li expected it would take more than a year to clear regulatory hurdles for a red-chip listing. Two were listed firms interested in achieving synergies. Gitic Enterprises invests in property and manufactures marble. Mr Li expected the Gitic Enterprises sale would take place after the firm finished restructuring about $84.6 million in debt. More than one firm had been identified as a potential purchaser of the minority stake in DC Finance. Talks were at a preliminary stage. Mr Li said it had set a target of selling the interests by the middle of the year. The longer the sale dragged on the lower the value that could be realised. Meanwhile, Gitic Enterprises announced a management reshuffle which saw deputy managing director and executive director Gao Fang, and executive directors Zhang Ke, Yang Chengyi and Tu Zhimin resign with effect from Monday.