Shanghai Bourse: China Pacific Insurance Buys Citi's Shanghai Pudong Development Bank Stake
20 March 2012 - 9:14PM
Dow Jones News
China Pacific Insurance (Group) Co. (601601.SH) is the buyer of
a 2.71% stake in a Chinese bank Citigroup sold Monday, according to
information disclosed on the website of the Shanghai Stock
Exchange.
China Pacific Insurance and its asset-management unit bought
506.16 million shares of Shanghai Pudong Development Bank at
CNY8.33 each--a 10% discount to Shanghai Pudong Development Bank's
Friday closing price.
Citigroup said Monday it sold its entire 2.71% equity stake in
Shanghai Pudong Development Bank resulting in an after-tax gain of
approximately US$349 million.
The U.S. bank said in a statement it sold the shares in a block
trade to institutional investors and that the total proceeds are
expected to be US$668 million at the current exchange rate.
-Yue Li contributed to this article; Dow Jones Newswires; (8621)
6120 1200; yue.li@dowjones.com
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