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OCBC Sells 33.33% Stake in Hong Kong Life Insurance

by Celia

Oversea-Chinese Banking Corporation (OCBC) has announced the sale of its entire 33.33% stake in Hong Kong Life Insurance, comprising 190 million shares, to Yue Xiu Enterprises (Holdings) Limited. The transaction was executed by OCBC’s wholly-owned subsidiary, OCBC Bank (Hong Kong).

As of December 31, 2023, Hong Kong Life Insurance reported a net asset value of HK$1.02 billion.

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The agreed consideration for the sale is HK$589.3 million, which will be paid entirely in cash upon completion. This figure was determined after arm’s-length negotiations, factoring in elements such as the company’s net asset value and embedded value.

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OCBC stated that the deal is not expected to materially affect the group’s net tangible assets or earnings per share for the financial year ending December 31, 2024.

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