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August 8, 2009

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Ping An Gets Nod For Share Placement

SHAREHOLDERS of Ping An Insurance (Group) Co yesterday approved a private placement plan of its Hong Kong-listed shares to Newbridge Capital.

The country's second-largest insurer said 99.75 percent of its shareholders approved the company's provision of 299 million additional H-shares to United States-based Texas-Pacific Group's Asian arm Newbridge, the top shareholder in the Shenzhen Development Bank.

The H-share private placement serves as a share swap for the Shenzhen Bank shares bought by Ping An from Newbridge in June.


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