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.
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.
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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