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China's Picc Contacting Global Investors: Report

 

Tuesday, Jul 19,2011, 8:02:28 PM   Click:

People's Insurance Co. Group of China (PICC) is contacting global investors to discuss possible investment, China Securities Journal reported on Friday.

The report quoted an unnamed source as saying that the PICC Group has conducted road show around the world to discuss on the introduction of cornerstone investors.

The insurance group has been preparing for its initial public offering.

China's National Social Security Fund recently has invested 10 billion yuan in the PICC Group.

Hong Kong insurer Asia Financial announced to inject 317 million yuan (US$49.06 million) in PICC Life Insurance to maintain its 5-percent stake holding in the PICC Life Insurance.

PICC Group and its property insurance subsidiary said they would inject capital into the PICC Life Insurance to keep their shareholding unchanged.

According to the Fortune magazine, the PICC Group ranks in the 288th place in the Global Top 500 companies.

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