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Ming An to Delist from SEHK Soon

 

Friday, Oct 09,2009, 8:47:25 PM   Click:

China Insurance International Holdings Co., Ltd. (CIIH and SEHK: 0966) on October 7 gained both court and shareholder approvals to acquire a 47.8 percent stake in Ming An (Holdings) Co., Ltd. (SEHK: 1389) from China Insurance HK (Holdings) Co., Ltd.

Ming An, in which CIIH will control a 51.34 percent stake, will delist from the Stock Exchange of Hong Kong next month. CIIH, a listed arm of China Insurance HK, 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 Min An shares are equivalent to one CIIH's new share. Later, it obtained shareholder approval to control a 100 percent stake in Ming An at the same price.

Ming An was listed on the Hong Kong bourse at the end of 2006. Cheung Kong Holdings Ltd. (SEHK: 0001), controlled by Hong Kong tycoon Li Ka-shing, owns a 17.64 percent stake in it, currently.

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