Great Eastern sells most of stake in China Life for HK$4.31 billion

GREAT Eastern Holdings said on Tuesday it has sold HK$4.31 billion (S$763 million) worth of shares in Hong Kong-listed China Life Insurance Company through its subsidiaries.

This brings its stake in the insurance firm down from 8.22 per cent to 1.79 per cent.

The profit attributable to shareholders from the sale through a private placement amounts to about S$123 million, Great Eastern said. Proceeds from the sale will be used for portfolio reallocation.