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4 months ago
BRIEF-Chong Hing Bank announces disposal of shareholding in Hong Kong Life Insurance
March 20, 2017 / 2:24 PM / 4 months ago

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

1 Min Read

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:

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