Reorient Group Ltd (0376.HK)
18 Aug 2017
HONG KONG/SINGAPORE Yunfeng Financial Group said it would be the main investor in a $1.7 billion acquisition of insurer MassMutual International's Hong Kong unit - a deal that sent shares in the Jack Ma-backed finance firm soaring as much as 30 percent.
* Yunfeng says deal is milestone step of becoming financial group (Adds details of deal, MassMutual cooperation agreement)
Aug 17 U.S.-based insurer MassMutual said on Thursday it would sell its Hong Kong business to Yunfeng Financial Group and other Asian investors for $1.68 billion in a cash and stock deal.
* Expects consol net loss attributable to equity shareholders in excess of HK$230 million for 2017 interim
* Company and Insula Holdings Limited entered into share sale agreement
* Received a notice from Culturecom Holdings Limited to terminate share subscription agreement
* Expected to record a consolidated net loss attributable for 2016 annual of an amount in excess of HK$310 million