Minsheng Life to Lift Capital Stock to 5bn Shares
Friday, Nov 12,2010, 8:57:18 PM Click:
Minsheng Life Insurance Co., Ltd. is to start a new round of capital increase plan to increase the number of shares to 5 billion from current 2.7 billion shares, according to the opening ceremony of the Guangdong branch of Minsheng Life.
The specific price is still under negotiation. Compared with the outlets in other provinces, the life insurer set foot in Guangzhou, the provincial insurance market in China. The raised capital is expected to be used in the construction of support centers, IT centers, and assets management firms and for the insurer's long-term operation.
Minsheng Life COO Wei Junyong told journalists that the company is sure to make profits next year after its establishment for eight years.
In addition, the insurer has a mind to set up a financial group, and its largest shareholder Wanxiang Group is to grant its financial license to the life insurer. However, there is no specific plan by far.
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