Insurance News
- Ping An to own 4.9% of Minsheng
Date: 11-Jun-2007 Sources: (Shenzhen Daily)
PING An Insurance (Group) Co. of China Ltd. said it would hold 4.93 percent of China Minsheng Banking Corp. on completion of its purchase of 5.45 billion yuan (US$711.7 million) worth of the bank's shares.
The Hong Kong-listed insurance group said in a statement late Friday that its 99 percent-owned Ping An Life Insurance would buy 714 million shares of China Minsheng Banking at 7.63 yuan each. The number of shares to be acquired, which would subject to a 12-month lock-up period, and the price per share have been adjusted for a bonus issue of shares as approved by the bank's shareholders in April, Ping An Insurance said. The insurance group said the total amount to be paid remained unchanged and the purchase would be funded by an insurance fund of Ping An Life.
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