FILE PHOTO: Firm flags and the signal of Dajia Insurance coverage Group are seen on the former headquarters of Anbang Insurance coverage Group, in Beijing, China, July 11, 2019. REUTERS/Jason Lee
July 17, 2021
SHANGHAI (Reuters) – Two Chinese language state buyers plan to promote a mixed 98.78% of their stakes in Dajia Insurance coverage Group, the revamped entity of embattled Anbang Insurance coverage Group, for 33.6 billion yuan ($5.19 billion), in line with an public sale submitting on Friday.
China Insurance coverage Safety Fund Co Ltd, the state rescue fund for the insurance coverage sector which is managed by the Ministry of Finance, goals to public sale all of its 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, in line with an public sale assertion filed to the Beijing Monetary Property Change.
The public sale will finish by Aug. 12.
The transfer marks the most recent improvement within the restructuring and divestiture of Anbang, which seems to have stalled since February 2020, when the nation’s prime banking and insurance coverage watchdog mentioned Dajia “was near a call on a batch of strategic buyers” and “would stay privately owned”. (https://reut.rs/3xZNeGN)
The Chinese language authorities took management of Anbang Insurance coverage Group in February 2018 as a part of its sweeping marketing campaign to cut back systemic monetary danger after an asset-buying spree by a handful of private-sector conglomerates.
It completed operating Anbang in 2020, and handed over Anbang’s administration to Dajia, a newly established entity that took over Anbang’s property.
Dajia at the moment has complete property of 21.1 billion yuan and complete liabilities of 584.6 million yuan, the submitting confirmed. In 2020, it posted a web revenue of two.9 billion yuan, the submitting added.
($1 = 6.4785 Chinese language yuan renminbi)
(Reporting by William Zhang, Cheng Leng and Emily Chow; Modifying by Muralikumar Anantharaman)