Singapore's GIC to up stake in China insurance firm to 10.61% from 2.30%
September 11, 2012, 3:14 pm TWN
SINGAPORE -- One of Singapore's sovereign wealth funds confirmed Monday that it will boost its stake in a Chinese insurer after announcing a shift in focus from developed markets to emerging economies.
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.