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4-Traders Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Oversea-Chinese Banking Corp. Limited    OCBC   SG1S04926220

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First Origin to Buy Hong Kong Life Insurance for HK$7.1 Billion

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03/21/2017 | 02:14am CET
   By Saurabh Chaturvedi 
 

SINGAPORE--Units of Oversea-Chinese Banking Corp. (O39.SG), Chong Hing Bank Ltd.(>> Chong Hing Bank Ltd), The Shanghai Commercial & Savings Bank Ltd, Asia Financial Holdings Ltd. (>> Asia Financial Holdings Limited) and Wing Lung Bank Ltd. have entered into an agreement to collectively sell their stakes in Hong Kong Life Insurance Ltd. to First Origin International Ltd. for a total of 7.10 billion Hong Kong dollars. (US$914 million).

OCBC Wing Hang Bank Ltd, Chong Hing Insurance, Shanghai Commercial Bank Ltd, Asia Insurance Co. and Wing Lung Agency will receive amounts in proportion to their stake in the insurance company, Chong Hing Bank said in a late-Monday filing to the stock exchange.

Chong Hing Bank will get HK$1.18 billion from its stake sale while OCBC unit will get HK$2.36 billion.

"Sellers believe that it is in the best interests of Hong Kong Life to have one new single shareholder to take charge to grow its business in line with its customers' evolving needs," Chong Hing Bank said.

Write to Saurabh Chaturvedi at saurabh.chaturvedi@wsj.com

Stocks mentioned in the article : Asia Financial Holdings Limited, Chong Hing Bank Ltd
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Financials ( SGD)
Sales 2017 8 960 M
EBIT 2017 4 624 M
Net income 2017 3 573 M
Debt 2017 -
Yield 2017 3,87%
P/E ratio 2017 11,03
P/E ratio 2018 10,04
Capi. / Sales 2017 4,42x
Capi. / Sales 2018 4,16x
Capitalization 39 631 M
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Mean consensus HOLD
Number of Analysts 23
Average target price 9,53  SGD
Spread / Average Target 0,87%
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NameTitle
Samuel Nag Tsien Group CEO & Non-Independent Executive Director
Sang Kuang Ooi Chairman
Wei Hong Ching Chief Operating Officer
Siew Peng Tan Chief Financial Officer & Executive Vice President
Khiang Tong Lim Head-Group Operations & Technology
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