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4-Traders Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Agricultural Bank of China Ltd    601288   CNE100000RJ0

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Agricultural Bank of China Ltd : Announcement on The Approval of The Investment in Jiahe Life Insurance Co., Ltd.

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11/20/2012 | 11:22am CET



Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.


AGRICULTURAL BANK OF CHINA LIMITED

(a joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1288) ANNOUNCEMENT ON THE APPROVAL OF THE INVESTMENT IN JIAHE LIFE INSURANCE CO., LTD.

Reference is made to the announcement on the resolution of the board of directors (the "Board") of Agricultural Bank of China Limited (the "Bank") dated 11 February 2011, in which the Board resolved to acquire 1,036,653,061 newly-issued shares of Jiahe Life Insurance Co., Ltd. ("Jiahe Life") at a consideration of approximately RMB2,592 million (the "Transaction"). After completion of the Transaction, the Bank will hold 51% of the total issued shares of Jiahe Life.
The Transaction has recently been approved by China Banking Regulatory Commission and China Insurance Regulatory Commission. Jiahe Life has also received the approval from China Insurance Regulatory Commission recently in relation to the changes of its registered capital, company name and place of business.
The Bank will follow up on the relevant issues in accordance with the above approvals and publish an announcement on the completion of the Transaction in due course.
By Order of the Board of Directors Agricultural Bank of China Limited LI Zhenjiang

Company Secretary

Beijing, the PRC
20 November 2012

As at the date of this announcement, our executive directors are Mr. JIANG Chaoliang and Mr. ZHANG Yun; our non-executive directors are Mr. SHEN Bingxi, Mr. LIN Damao, Mr. CHENG Fengchao, Mr. LI Yelin, Mr. XIAO Shusheng and Mr. ZHAO Chao; and our independent non-executive directors are Mr. Anthony WU Ting-yuk, Mr. QIU Dong, Mr. Frederick MA Si-hang and Mr. WEN Tiejun.

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Financials ( CNY)
Sales 2016 525 883 M
EBIT 2016 244 802 M
Net income 2016 175 792 M
Debt 2016 79 899 M
Yield 2016 4,97%
P/E ratio 2016 5,87
P/E ratio 2017 5,84
EV / Sales 2016 2,09x
EV / Sales 2017 1,98x
Capitalization 1 017 667 M
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Agricultural Bank of China Technical Analysis Chart | 601288 | CNE100000RJ0 | 4-Traders
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 3,35  CNY
Spread / Average Target 6,1%
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Huan Zhao President & Executive Director
Mu Bing Zhou Chairman
Chang Qing Yuan Chairman-Supervisory Board
Bing Xi Shen Non-Executive Director
Dong Qiu Independent Non-Executive Director
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