Banking News
- China Life to buy 4.9% of Minsheng
Date: 12-Jun-2007 Sources: (Shenzhen Daily)
CHINA Life Insurance Co. said it had agreed to buy 4.93 percent of China Minsheng Banking Corp. for 5.45 billion yuan (US$712 million) in cash, about three months after the Shanghai-listed bank finished arranging details of its share sale.
China Life said in a statement yesterday it would buy 714 million shares at about 7.63 yuan each after adjustment on an ex-rights basis. The shares are subject to a lock-up period of 26 months. In March, Minsheng said it had finished arranging details of a private placement of new A shares that will raise 18.2 billion yuan, making it the country's biggest domestic placement.
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