July 25 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 percent 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 $2.14 billion ($276
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
The shares were down 4.5 percent 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.
(Reporting by Elzio Barreto; and Saeed Azhar in Singapore;
Editing by Denny Thomas and Stephen Coates)