Carlyle Cashed HKD7.9bn from Selling 250mn CPIG H-shares

Global well-known private equity (PE) fund Carlyle sold 250 million H-shares in China Pacific Insurance (Group) Co., Ltd. (CPIG, SEHK: 2601, and SHSE: 601601) to cash HKD 7.85 billion as most when the six-month lock-up period expires on July 26, 2011, said Hong Kong media.

This drives the holding held by the PE fund in the dual-listed insurer to fall to 19.1% from 29.9%.

Based on the sales documents, after the H-share closing yesterday, the PE fund sold the H-shares at an average price ranging from HKD 30.9 a share to HKD 31.4 a share, a discount of 1.72% to 3.29% over the closing price of HKD 31.95 a share yesterday to cash HKD 7.725 billion to HKD 7.85 billion in total.

The shares sold yesterday accounted for 10.8% of the insurer's total H-shares. After the move, the PE fund still holds 442 million shares in the dual-listed company, making up 19.1% of the issued shares and with a lock-up period of three months.

The H-share was up 0.63% to close at HKD 31.95 a share yesterday.