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CIIH to privatize Ming An Holdings in October

By Li Huayu (chinadaily.com.cn)
Updated: 2009-07-23 11:49

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China Insurance International Holdings Co Ltd (CIIH) is likely to gain shareholder approval to acquire a 47.8 percent stake in Ming An (Holdings) Co Ltd, NG Yu Lam Kenneth, executive director and chief executive officer of the former, said in an interview on July 16.

The deal is significant as it will not only reduce CIIH's cost but also allow it to consolidate the property insurance business in the mainland. CIIH plans to privatize Ming An Holdings before the end of October this year and let the latter delist from the Hong Kong Stock Exchange in November. So far, the company is not planning...

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