OCBC to offload full 33.33% stake in Hong Kong Life Insurance
December 30, 2024
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Bạn đang xem: OCBC to offload full 33.33% stake in Hong Kong Life Insurance
OCBC Hong Kong, a unit of Singapore’s OCBC Bank, has signed a share purchase agreement to divest its complete 33.33% holding in Hong Kong Life Insurance to investment holding company Yue Xiu Enterprises.
The all-cash transaction involves the sale of 290 million ordinary shares for S$103m ($75.8m), OCBC stated in an exchange filing.
The deal is subject to standard closing conditions including regulatory approvals.
As of 31 December 2023, Hong Kong Life reported net asset value of S$180m ($132.5m).
Post completion of the deal, Hong Kong Life will no longer be associated with OCBC Hong Kong or OCBC Bank.
OCBC Group noted that the deal will not have a “material impact” on its net tangible assets or earnings per share for the financial year ending 31 December 2024.
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Asia Insurance, Chong Hing Insurance Company, Shanghai Commercial Bank, and CMB Wing Lung Agency have also agreed to sell their interests in Hong Kong Life to Yue Xiu Enterprises, pending regulatory consent.
The sellers opine that having a single shareholder in control would be better for the growth of Hong Kong Life.
According to the company’s directors, the sale will unlock “substantial value” for shareholders.
In a previous attempt in 2018, OCBC terminated its plan to sell a 33.33% stake in Hong Kong Life due to non-fulfilment of closing conditions.
Hong Kong Life offers a wide range of services, including universal life, medical & dread disease coverage, accidental & disability coverage, and term life insurance.
The business reported a net loss of before taxation and extraordinary items of HK$484.1m in 2023, compared with HK$504.9m in the prior year.
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