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Insurer eyes H-share sale
Source: Bloomberg News |
September 10, 2012, Monday
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Print Edition
Print Edition
CHINA Pacific Insurance (Group) Co, the nation's third-largest insurer, plans to raise HK$10.4 billion (US$1.34 billion) from a sale of H shares, according to a statement to the Hong Kong stock exchange yesterday.
The insurer has entered into subscription deals with three subscribers to issue 462 million new shares at HK$22.50 each.
Profit plunged 55 percent in the first half of this year as investment income declined and premiums expansion slowed, the company said last month. The insurer's stock fell 0.4 percent on Friday after an investor offered to sell 112.7 million of Pacific Insurance shares at a discount, according to a termsheet obtained by Bloomberg News.
"The proposed placing represents an opportunity to raise capital for the company," it said. "The proposed placing will enrich the company's capital, increase the solvency ratio, ensure the stable and sustainable development of the company's business and enhance the company's market competitiveness."
The insurer has entered into subscription deals with three subscribers to issue 462 million new shares at HK$22.50 each.
Profit plunged 55 percent in the first half of this year as investment income declined and premiums expansion slowed, the company said last month. The insurer's stock fell 0.4 percent on Friday after an investor offered to sell 112.7 million of Pacific Insurance shares at a discount, according to a termsheet obtained by Bloomberg News.
"The proposed placing represents an opportunity to raise capital for the company," it said. "The proposed placing will enrich the company's capital, increase the solvency ratio, ensure the stable and sustainable development of the company's business and enhance the company's market competitiveness."
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