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China Pacific Insurance to raise HK$10.4 bln via placement

Sep. 10, 2012 (China Knowledge) - China Pacific Insurance (Group) Co Ltd<601601><2601>, a major insurer in the country, has announced its plan to raise HK$10.4 billion through a private placement.

Proceeds from the offering will be used to replenish working capital.

The company said in a statement that it plans to issue 462 million H-shares at a price of HK$22.5 to three companies, comprising Government of Singapore Investment Corp, Norges Bank and Abu Dhabi Investment Authority.

Government of Singapore Investment Corp will subscribe 241.33 million shares in the company, while Norges Bank and Abu Dhabi Investment Authority will subscribe 165.51 million and 55.16 million shares.

Goldman Sachs (Asia) L.L.C will be the bookrunner for the offering.

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