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Singapore's GIC to up stake in China insurance firm

Published on Sep 10, 2012 2:57 PM
 
The logo of the Government of Singapore Investment Corp. (GIC) is displayed during GIC's 30th anniversary conference, in Singapore, on Monday, May 9, 2011. The GIC will up its stake in China Pacific Insurance (CPIC) to 10.61 per cent from 2.30 per cent, according to a statement from CPIC. -- PHOTO: BLOOMBERG

SINGAPORE (AFP) - One of Singapore's sovereign wealth funds confirmed on Monday that it will boost its stake in a Chinese insurer after announcing a shift in focus from developed markets to emerging economies.

The Government of Singapore Investment Corporation (GIC) will up its stake in China Pacific Insurance (CPIC) to 10.61 per cent from 2.30 per cent, according to a statement from CPIC.

GIC is to purchase more than half of the 462 million new "H" class shares that will be issued by the Hong Kong-listed insurer, the statement said. The fund will be buying the shares at a 7.9 per cent discount to CPIC's average closing price of HK$24.44 in the 30 days leading up to the agreement.

Norway's central Norges Bank and the Abu Dhabi Investment Authority are the two other parties taking part in the share placement, CPIC said in the statement posted on the Hong Kong Stock Exchange website.

 
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