Temasek exits New China Life with $343m share selldown

(Reuters) - Singapore state investor Temasek Holdings said on Friday it had sold all of its remaining shares in New China Life Insurance (NCI), on the back of a 27 per cent rally in the stock over the past year.

Temasek sold 78 million shares in NCI, China's third-largest life insurer at HK$27.45 each raising HK$2.14 billion (S$343 million), after offering the stock in a HK$27.30 to HK$27.85 per share indicative range, a source familiar with the deal told Reuters.

The shares were down 4.5 per cent at HK$27.73 by Friday afternoon, while the benchmark Hang Seng Index was flat.

"We can confirm the divestment of our entire stake," a Temasek spokesman said, without giving the deal value.

Goldman Sachs and UBS AG managed the selldown, the source added. The source declined to be identified as the details of the transaction were not public.