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Swiss insurer sells New China Life stake
Print Edition
Swiss-based giant Zurich Insurance Group said yesterday that it began to sell its 9.4 percent holding in Hong Kong-listed New China Life Insurance.
Zurich said it has reached a deal with an investor who would buy about 152 million shares in New China Life, or just more than half of its stake in the company.
It did not identify the investor, nor did it reveal the sum involved.
Zurich also said it has hired international investment banks to sell the remaining shares for a minimum sum, without elaborating.
It said the sale was expected to be completed by Monday.
In July, Zurich had already cut its stake in the insurer, selling 97.5 million shares, or 3.1 percent of the total issued share capital of the company.
At the time, Zurich said it had earned US$283 million from the share sale.
It announced that it planned to reinvest that sum to maintain its position on Asian markets and diversify its portfolio.
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