Insurance News
- Restructured China Reinsurance Group eyes public listing
Date: 11-Oct-2007 Sources: (Xinhua Online)
BEIJING, Oct. 10 (Xinhua) -- China Reinsurance Group, the country's largest reinsurance company, said Wednesday its restructuring plan has been approved by the Chinese government, paving the way for its public listing.
The new company, to be known as the China Reinsurance Group Company Ltd, was launched and held its first shareholders' meeting Wednesday.
The new shareholding company has a registered capital of 36.15 billion yuan (4.82 billion U.S. dollars), with the Ministry of Finance and the Central Huijin Investment Corporation as the co-founders.
Central Huijin currently holds an 85.5-percent stake in the company after it injected four billion U.S. dollars into the group last year, while the Ministry of Finance has the other 14.5 percent.
The China Reinsurance Group Company Ltd will be officially inaugurated after it obtains licenses from the State Administration for Industry and Commerce and the China Insurance Regulatory Commission.
China Reinsurance Group, which has a 80-percent share of China's reinsurance market, previously said it would introduce strategic investors from home and abroad later in the future and go for public listing 'at an appropriate time'.
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