Great Eastern: Announced that it will invest US$380m in the cornerstone tranche of Beijing-headquartered New China Life Insurance Co.'s Hong Kong share offering.
Great Eastern, which is 87%-owned by OCBC said it will subscribe to the overseas H-Share component--of the offering. New China Life has received approval from both Hong Kong and China regulators for a dual Hong Kong and Shanghai listing in December that could raise up to US$3b. We note that such a move could provide a stepping stone for Great Eastern and OCBC to target the Chinese insurance mkt.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment