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CIIH Aims at 100% of Ming An

 

Tuesday, Oct 13,2009, 12:13:35 PM   Click:

China Insurance International Holdings Co., Ltd. (CIIH and SEHK: 0966) plans to wholly control Ming An (Holdings) Co., Ltd. (SEHK: 1389) first and then privatize it.

On October 7, CIIH gained approval to acquire a 47.8 percent stake in Ming An from China Insurance HK (Holdings) Co., Ltd. In addition, it has reached an agreement with concerned parties and authorities on controlling a 100 percent stake in Ming An. The agreement is scheduled to take effect from October 30, 2009 and will cease to be in force provided that it fails to be put into force before February 28, 2010.

Ming An, in which CIIH controls a 51.34 percent stake, is scheduled to delist from the Stock Exchange of Hong Kong on November 2. CIIH said on May 25 that it planned to take a 47.8 percent stake in Ming An from China Insurance HK and the consideration was that ten Ming An shares are equivalent to one CIIH's new share.

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