China Taiping mulls stake sale in subsidiary

China Taiping Insurance (0966) is considering selling a 25 percent of interest in its subsidiary Taiping Reinsurance to external investors with a target price of around HK$3.1 billion, the company announced today.

The potential sale is required to undergo a public tender through a qualified asset exchange organization and the tender will be made on June 18 for not less than 40 working days. China Taiping said it has not entered into any binding agreement and there is no assurance that any definitive transaction will materialize.