Citic Pacific has confirmed it has sold part of its stake in CLP Holdings for HK$1.5 billion. The sale of a 2 per cent stake leaves it with just over 4 per cent of the utility. Managing director Henry Fan Hung-ling said the sale, which was done last month, bolstered Citic Pacific's cash on hand to HK$9 billion. The capital would be spent on the group's new focus, which was telecommunications investments in China, Mr Fan said. In August last year, CLP bought back a 15 per cent stake from Citic Pacific for HK$12.78 billion. After the transaction, Citic Pacific's holding in CLP stood at 6.26 per cent. On September 7, a lot of 44.5 million CLP shares priced at HK$35 each traded on the market. At the time, Citic Pacific was speculated to be the seller but the company declined to confirm. CLP sells electricity to Kowloon, the New Territories and Lantau Island. Mr Fan said Citic Pacific could not disclose the transaction at the time, under an agreement with the buyer. He said Citic Pacific would dispose of the remaining 4.1 per cent of CLP if it received good offers.