Singapore’s sovereign wealth fund Temasek Holdings exited its entire stake in New China Life Insurance (NCI) last week for a total of proceeds of US$276 million, according to media reports.
It sold 78 million shares at HK$27.45 per share, representing a 5.5% discount to the Hong Kong-listed firm’s closing price last Friday at HK$29.05.
Goldman Sachs and UBS AG managed the selldown.
In 2010, Temasek and Standard Chartered Private Equity invested US$238 million in the Chinese insurance company. The company was listed on both the Hong Kong and Shanghai stock exchange the next year, raising US$1.9 billion in total.