March 20, 2017 / 2:24 PM / 5 months ago

BRIEF-Chong Hing Bank announces disposal of shareholding in Hong Kong Life Insurance

March 20 (Reuters) - Chong Hing Bank-

* Major transaction in relation to the disposal of Chong Hing Insurance's shareholding in Hong Kong Life Insurance Limited

* Consideration for disposal of shares shall be an amount in cash equal to HK$7,100 million

* Sellers conditionally agreed to sell respective interests in, and purchaser agreed to purchase all of issued share capital of Hong Kong Life

* Sellers are Chong Hing Insurance, a unit of bank, Asia Insurance Co, Ltd, OCBC Wing Hang Bank Ltd, Shanghai Commercial Bank Ltd and Wing Lung Agency Ltd

* Would record an unaudited estimated gain of approximately HK$1,087.60 million before taxation from disposal of disposal shares Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below