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 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 entire A-share portion or just over two-thirds of the combined rights offering.

PICC PC said it will use the money to strengthen its capital base and to improve its solvency margin....

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