October 30, 2017 / 1:29 PM / in a year

Swiss Re launches New China Life stake sale worth up to $464 mln -IFR

HONG KONG, Oct 30 (Reuters) - Swiss Re, the world’s second-largest reinsurer, on Monday launched a selldown in New China Life Insurance Co Ltd shares, IFR reported, citing a term sheet of the transaction.

Swiss Re Direct Investments Company Ltd is offering 75 million Hong Kong-traded shares of New China Life in an indicative range of HK$47.20 to HK$48.30 each, equivalent to a discount of up to 5.7 percent to Monday’s close, said IFR, a Thomson Reuters publication.

That would value the deal at up to HK$3.62 billion ($464 million).

Swiss Re did not reply to a Reuters request for immediate comment.

New China Life’s shares are up 40.6 percent in 2017 in Hong Kong.

$1 = 7.8000 Hong Kong dollars Reporting by Fiona Lau of IFR; writing by Elzio Barreto; editing by Jason Neely

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