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2005-10-3 12:10:00 p.m. HKT, XFNA
HK-listed Shongang buys 40 pct stake in China Life (Overseas) for 800 mln hkd
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HONG KONG (XFN-ASIA) - Shongang Concord Grand (Group) Ltd said it has
agreed to buy a 40 pct stake in China Life Insurance (Overseas) Co Ltd for
800 mln hkd.
Shongang Concord vice chairman Cao Zhong said in a statement the company
agreed to subscribe to 626.95 new shares in China Life Insurance to broaden
its investment portfolio.
Shongang Concord said it will finance the subscription price by
equity-funding and external borrowings. It said its 40 pct interest in China
Life (Overseas) represents a ""long-term investment.""
China Life (Overseas) is principally engaged in the provision of life
insurance in Hong Kong, Macau and Singapore and property investments in the
Hong Kong Market.
Its net profit for the year to Dec 31, 2004 was 5.74 mln hkd, reversing a
net loss of 64.02 mln hkd from the year earlier.
China Life (Overseas) is a member of the China Life Insurance (Group) Co.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
rl/lw/net
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