Temasek Cashes in on New China Life Stock Sale
Singapore’s Temasek Holdings last Thursday sold its position in New China Life, China’s third largest insurer. The Singapore sovereign wealth fund put forth a 78 million block trade after the market close. Singapore sovereign wealth centers in and out of China’s equity markets. New China Life’s fiscal year 2013 results displayed a 6.1% growth in gross written premiums to a translated amount of US$ 16.72 billion.
Goldman Sachs and UBS hastily marketed the New China Life deal at HK$ 27.30 to HK$ 27.85 per share. Overall, the US$ 276 million deal was a 5.5% discount to the trading stock – attracting interest from a number of large accounts.
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