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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 CEST
   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 [email protected]

Stocks mentioned in the article : Asia Financial Holdings Limited, Chong Hing Bank Ltd
Stocks mentioned in the article
ChangeLast1st jan.
ASIA FINANCIAL HOLDINGS LIMITED 1.37% 5.18 End-of-day quote.7.02%
CHONG HING BANK LTD -0.39% 15.18 End-of-day quote.-9.64%
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Financials ( SGD)
Sales 2018 10 181 M
EBIT 2018 5 878 M
Net income 2018 4 753 M
Debt 2018 -
Yield 2018 3,30%
P/E ratio 2018 11,51
P/E ratio 2019 10,43
Capi. / Sales 2018 5,34x
Capi. / Sales 2019 4,88x
Capitalization 54 394 M
Chart OVERSEA-CHINESE BANKING CO
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Oversea-Chinese Banking Co Technical Analysis Chart | OCBC | SG1S04926220 | 4-Traders
Technical analysis trends OVERSEA-CHINESE BANKING CO
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TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 14,3  SGD
Spread / Average Target 10,0%
EPS Revisions
Managers
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
Sector and Competitors
1st jan.Capitalization (M$)
OVERSEA-CHINESE BANKING CORP. LIMITED4.60%40 550
JP MORGAN CHASE & COMPANY3.48%376 773
INDUSTRIAL AND COMMERCIAL BANK OF CHINA-6.77%316 917
BANK OF AMERICA2.34%305 803
CHINA CONSTRUCTION BANK CORPORATION-5.08%273 019
WELLS FARGO-9.51%267 521