July 12, 2013 / 12:25 AM / in 5 years

Zurich Financial sells $283 mln New China Life stake-term sheet

HONG KONG, July 12 (Reuters) - Zurich Financial Services AG sold about $283 million worth of shares in New China Life Insurance Co Ltd, paring down its stake in China’s third-biggest life insurer, according to a term sheet of the transaction seen by Reuters on Friday.

The Swiss insurer offered 97.5 million Hong Kong shares of New China Life at HK$22.50 each, putting the total deal at HK$2.19 billion ($283 million). The price is equivalent to a 6.4 percent discount to the company’s closing price on Thursday.

New China Life also has shares traded in Shanghai .

Goldman Sachs acted as sole global coordinator on the selldown. ($1 = 7.7566 Hong Kong dollars) (Reporting by Elzio Barreto; Editing by Paul Tait)

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