BEIJING (XFN-ASIA) - China Life Insurance (HK 2628) said it signed a deal to buy a 31.94 pct stake in state-owned China Southern Power Grid Co Ltd for 35 bln yuan.
The company said in statement that it bought 19.2 bln shares in China Southern Power, and will become the second largest shareholder after the Guangdong subsidiary of the State-owned Assets Supervision and Administration Commission (SASAC).
Earlier a Guangdong provincial government official said the total purchase price will be 32 bln yuan.
Yang Chao, chairman of China Life, told reporters at a signing ceremony that the insurance company will be listed on the Shanghai Stock Exchange by early next year.
He gave no further details on the stock offer.
According to earlier reports, China Life plans to issue up to 1.5 bln A-shares to strategic investors, securities funds and other institutional and public investors.
( 1 usd = 7.82 yuan )
© 2006 AFX News
