HONG KONG, Oct 30 (Reuters) - Swiss Re, the world’s second-largest reinsurer, on Monday launched a selldown in New China Life Insurance Co Ltd shares, IFR reported, citing a term sheet of the transaction.
Swiss Re Direct Investments Company Ltd is offering 75 million Hong Kong-traded shares of New China Life in an indicative range of HK$47.20 to HK$48.30 each, equivalent to a discount of up to 5.7 percent to Monday’s close, said IFR, a Thomson Reuters publication.
That would value the deal at up to HK$3.62 billion ($464 million).
Swiss Re did not reply to a Reuters request for immediate comment.
New China Life’s shares are up 40.6 percent in 2017 in Hong Kong.
$1 = 7.8000 Hong Kong dollars Reporting by Fiona Lau of IFR; writing by Elzio Barreto; editing by Jason Neely