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Temasek exits New China Life with $343m share selldown

Published on Jul 25, 2014 1:42 PM
 
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. -- PHOTO: ST FILE

(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.

 
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