July 25, 2014 / 5:22 AM / 3 years ago

Temasek exits New China Life with $276 mln share selldown

July 25 (Reuters) - 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 Reuters.

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)

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