Swiss giant Zurich sells New China Life holding
Swiss-based giant Zurich Insurance Group announced on Wednesday that it had begun to sell its 9.4-percent holding in Hong Kong-listed company New China Life Insurance.
Zurich said that it had reached a deal with an investor who would purchase about 152 million shares in New China Life, or just over half of its stake in the company.
It did not identify the investor concerned, nor did it reveal the sum involved.
Zurich also said that it had commissioned international investment banks to sell the remaining shares for a minimum sum, without elaborating.
It said the sale was expected to be completed by Monday.
In July, Zurich had already reduced its stake in New China Life, selling 97.5 million shares, or 3.1 percent of the total issued share capital of the company.
At the time, it said that it had earned $283 million (209 million euros) from the share sale.
It announced that it planned to reinvest that sum to maintain its position on Asian markets and diversify its portfolio.
© 2013 AFP