China Taiping considers boosting stake in parent's life insurer
HONG KONG Jan 14 (Reuters) - China Taiping Insurance Holdings Co Ltd, China's fifth-biggest mainland insurer by market capitalisation, is considering acquiring an additional 25 percent stake in Taiping Life Insurance from its parent company.
The move, which would increase China Taiping Insurance Holdings' stake in the life business to 75 percent, is only one of a number of investment options being considered by the company, it said in a filing to the Hong Kong Stock Exchange after markets closed on Monday.
China Taiping Insurance Holdings also said it could fund other strategic investments by issuing new equity, adding that there are no current plans to list on China's mainland A-share market, which is now largely closed to foreign investors.
Trading in the company's Hong Kong-listed shares will resume on Tuesday, the company said, after being halted on Monday pending the release of "possible inside information relating to the company".
China Taiping's statement came after a Hong Kong Economic Journal report on Monday said that the insurer was planning to acquire an additional 25 percent stake in Taiping Life Insurance from parent China Taiping Insurance Group. (Reporting by Twinnie Siu and Clare Baldwin; Editing by David Goodman)
- Investigators look for motive in Malaysia plane disappearance |
- Malaysian PM says lost airliner was diverted deliberately |
- Police make third arrest in murder of Colorado socialite
- Democrats seek ways to limit Obamacare fallout after Florida defeat
- Indian Ocean poses daunting challenge in search for missing Malaysia plane