Investment Updates News
- China Life eyes port builder's IPO
Date: 22-Nov-2006 Sources: (Xinhua Online)
China Life Insurance Co., the country's top life insurer, wants to invest in top mainland port builder China Communications Construction Co. ahead of its 2 billion U.S. dollars Hong Kong IPO, a source familiar with the deal said yesterday.
'The final list of the investors has not yet been finalized. Many investors want to get the stakes,' the source said.
Billionaire Li Ka-shing and Saudi Prince Alwaleed bin Talal also plan to buy strategic stakes in China Communications Construction ahead of its initial public offering, sources close to the deal told reporters earlier this month.
The State-run company will earmark about 10 to 15 percent of its IPO for three cornerstone investors, the source said.
China Life and its parent, China Life Group, are keen to boost their investment returns by buying stakes in Hong Kong listings. The pair earlier bought a combined 6.4 billion HK dollars in China's largest bank, Industrial & Commercial Bank of China, ahead of its record 21.9 billion U.S. dollars IPO.
Alwaleed, ranked by Forbes magazine as the world's fifth-richest person, has also been hunting for Chinese investments.
His Kingdom Holding unit announced earlier this year that it wanted to invest 2 billion U.S. dollars in Bank of China, which went public in June in Hong Kong.
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