PICC to Place 15 Billion yuan Worth of Shares to China's Finance Ministry
MT Newswires Live
Yesterday
People's Insurance Company (Group) of China (HKG:1339, SHA:601319), or PICC, plans to place 15 billion yuan worth of Shanghai-listed shares, or A shares, to China's Ministry of Finance, according to a Friday disclosure on the Shanghai bourse.
The insurer will place shares representing up to 10% of the company's total shares.
The ministry currently holds 26.9 billion shares, or 60.8% of the company's total A shares.
The company's control will not change after the share placement.
PICC's Hong Kong shares slipped 1% during the morning trade.
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