China Pacific Life Insurance raises capital to 2.3 bln yuan |
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Mon, 11 Jun 2007 03:11
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BEIJING (XFN-ASIA) - Shanghai-based China Pacific Life Insurance Co has increased its capital to 2.3 bln yuan, the China Insurance Regulatory Commission (CIRC) said in a statement approving the deal.It did not provide information on the insurer's previous level of capital.Following the capital increase, parent China Pacific Insurance (Group) Co will hold 97.83 pct of the life unit, with Shenergy Group, the Shanghai State-owned Assets Operation Co, Shanghai Tobacco (Group) Corp and Yunnan Hongta Group each holding 0.54 pct, the statement said.The CIRC previously authorized China Pacific Insurance (Group) Co and its property unit to increase capital to 6.7 bln yuan and 2.688 bln yuan respectively.Carlyle Holdings Mauritius Ltd and Parallel Investors Holdings Ltd currently hold 4.2 pct and 15.7 pct in the group company.Insurance Australia Group Ltd (IAG) said it has suspended discussions about acquiring a 24.9 pct stake in the property unit.The group, China's fourth-largest insurer, targets a dual listing in Shanghai and Hong Kong by the end of this year.(1 usd= 7.67 yuan)allen.shu@xfn.com
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