China Pacific Insurance may withdraw from JV with ING Group - report |
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Published
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Wed, 19 Sep 2007 03:53
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BEIJING (XFN-ASIA) - China Pacific Insurance (Group) Co may withdraw from Pacific Antai Life Insurance Co Ltd, a 50-50 joint venture with ING Group, in order to facilitate its planned listing, the official Shanghai Securities News reported.Founded in 1998, Shanghai-based Pacific Antai Life reported a 2004 net loss of 72.95 mln yuan, and a 67.58 mln loss in 2005, the report said.The venture had first-half premium income of 339 mln yuan, compared with 629 mln in 2006.China Pacific, the country's fourth-largest insurer, will list on the Shanghai Stock Exchange, dropping an earlier plan to carry out a simultaneous listing in Shanghai and Hong Kong, the report said.It said the company has appointed China International Capital Corp (CICC) and UBS Securities as advisors for the Shanghai IPO, in which it plans to issue 1-1.5 bln A-shares, raising about 15-20 bln yuan.China Pacific will still consider listing in Hong Kong after the Shanghai share offering is concluded. The company has also appointed CICC, UBS and Credit Suisse as underwriters for the Hong Kong float, the report added.Carlyle Holdings Mauritius Ltd and Parallel Investors Holdings Ltd currently hold a combined 19.9 pct of China Pacific.(1 usd = 7.52 yuan)allen.shu@xfn.com-xfnals/xfntmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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China Post Group approved to set up life insurance unit 