PICC P&C plans $290 million H-share rights issue

A simultaneous A-share rights offering will be bought by controlling shareholder PICC Group, bringing the total capital raising to $935 million.

PICC P&C plans $290 million H-share rights issue

PICC Property Casualty, the non-life insurance arm of Chinese insurance giant PICC Group, is planning to raise $935 million from a fully underwritten rights issue of A- and H-shares, according to an announcement to the Hong Kong stock exchange late Monday.

The Hong Kong-listed company will tap its international shareholders, including US insurance company American International Group AIG, for HK$2.25 billion $290 million, while its single domestic shareholder will take up the...

To continue reading, please login or register for free

Click for more on: rights issue | financials | insurance | non life | aig | cicc | goldman sachs | hsbc

Print Edition

FinanceAsia Print Edition

CONFERENCES