Brief: Chong Hing Bank announces disposal of shareholding in Hong Kong Life Insurance

Asia Financial Holdings

20/03/2017 14:03

March 20 (Reuters) - Chong Hing Bank-  1111.HK  
    * Major transaction in relation to the disposal of Chong 
Hing Insurance's shareholding in Hong Kong Life Insurance 
Limited 
    * Consideration for disposal of shares shall be an amount in 
cash equal to HK$7,100 million 
    * Sellers conditionally agreed to sell respective interests 
in, and purchaser agreed to purchase all of issued share capital 
of Hong Kong Life 
    * Sellers are Chong Hing Insurance, a unit of bank, Asia 
Insurance Co, Ltd, OCBC Wing Hang Bank Ltd, Shanghai Commercial 
Bank Ltd and Wing Lung Agency Ltd 
    * Would record an unaudited estimated gain of approximately 
HK$1,087.60 million before taxation from disposal of disposal 
shares 
 
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Further company coverage:  1111.HK  
 
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