Singapore's GIC to up stake in China insurance firm to 10.61% from 2.30%

The Government of Singapore Investment Corporation (GIC) will up its stake in China Pacific Insurance (CPIC) to 10.61 percent from 2.30 percent, according to a statement from CPIC.

GIC is to purchase more than half of the 462 million new “H” class shares that will be issued by the Hong Kong-listed insurer, the statement said.

The fund will be buying the shares at a 7.9 percent discount to CPIC's average closing price of HK$24.44 in the 30 days leading up to the agreement.

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