Singapore's GIC to up stake in China insurance firm to 10.61% from 2.30%
AFPSINGAPORE -- 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.
September 11, 2012, 3:14 pm TWN
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.