China’s Taiping Life Insurance is reportedly considering selling a 25% stake in its subsidiary Taiping Reinsurance to external investors.
The company intends to rake in around HK$3.1bn($400m) in total gross proceeds from the sale.
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“Such targeted amount of gross proceeds is subject to the final bid price to be offered by the successful bidder and the consideration shall be payable in accordance with the terms and conditions of the definitive agreement(s) between the parties,” Reinsurance Newsquoted China Taiping as saying.
As per media reports, this potential sale will undergo a public tender through a qualified asset exchange organisation. The tender is tentatively set to begin on 18 June for not less than 40 working days.
The company stated it has not entered into any binding agreement regarding this potential sale. It also added that there is no assurance that any definitive transaction will take place.
In February this year, the Spanish football club FC Barcelona signed a regional partnership deal with Taiping Life Insurance for three-and-a-half years.
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