June 26, 2020 / 9:23 AM / 11 days ago

BRIEF-PICC Property And Casualty Updates On Establishment Of PICC Real Estate (Shenzhen) Co

June 26 (Reuters) - PICC Property and Casualty Co Ltd :

* ENTERED INTO SHAREHOLDERS’ CAPITAL CONTRIBUTION AGREEMENT WITH PICC LIFE AND PICC HEALTH

* ALL PARTIES AGREED TO JOINTLY ESTABLISH PICC REAL ESTATE

* TO SUBSCRIBE FOR ABOUT RMB2.47 BILLION OF REGISTERED CAPITAL OF PICC REAL ESTATE

* CO WILL MAKE FURTHER CONTRIBUTIONS OF RMB7.5 MILLION TO CAPITAL RESERVE OF PICC REAL ESTATE

* CO TO HAVE 50% SHAREHOLDING IN PICC REAL ESTATE

* CO, PICC LIFE & PICC HEALTH STAKE IN PICC REAL ESTATE TO BE 50%, 37.5% & 12.5%, RESPECTIVELY Source text for Eikon: Further company coverage:

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