SHANGHAI (Reuters) – Two Chinese state investors plan to sell a combined 98.78% of their stakes in Dajia Insurance Group, the revamped entity of the embattled Anbang Insurance Group, for 33.6 billion yuan ($ 5.19 billion), according to a presentation by auction on Friday. .
China Insurance Security Fund Co Ltd, the state bailout fund for the insurance sector that is controlled by the Ministry of Finance, aims to auction its entire 98.23% stake in Dajia for 33.38 billion yuan .
China Petrochemical Corp is auctioning its 0.55% stake in Dajia for 186.9 million yuan, according to an auction statement filed with the Beijing Financial Asset Exchange.
The auction will end on August 12.
The move marks the latest development in Anbang’s restructuring and divestment, which appears to have stalled since February 2020, when the country’s top banking and insurance watchdog said Dajia “was close to making a decision on a group of investors. strategic “and” would remain. privately owned “. (https://reut.rs/3xZNeGN)
The Chinese government took control of Anbang Insurance Group in February 2018 as part of its broad campaign to reduce systemic financial risk after a wave of asset purchases by a handful of private sector conglomerates.
It ended managing Anbang in 2020 and handed over the management of Anbang to Dajia, a newly established entity that took over Anbang’s assets.
Dajia currently has total assets of 21.1 billion yuan and total liabilities of 584.6 million yuan, the presentation showed. In 2020, it posted a net profit of 2.9 billion yuan, the document added.
($ 1 = 6.4785 renminbi)
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