PICC seeks US$2b from Shang­hai IPO

New Straits Times - - Business -

HONG KONG: PICC Group, par­ent of China’s big­gest non-life in­surer, said it plans to sell shares in Shang­hai as it seeks fresh funds to ex­pand, in a deal val­ued at about US$2 bil­lion (RM8.64 bil­lion). PICC’s list­ing in China would come more than four years af­ter the com­pany went pub­lic in a US$3.1 bil­lion of­fer­ing, here. It said on Tues­day it planned to sell not more than 4.6 bil­lion shares, pending ap­provals from its share­hold­ers and reg­u­la­tors.

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