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China Life to sell stake to Citigroup

(China Daily)
Updated: 2007-04-25 09:07

China Life Insurance Co plans to sell a stake of as much as 19.9 percent to Citigroup Inc, the Hong Kong Economic Journal reported, citing unidentified people.

The Chinese-language newspaper didn't provide further details such as the price at which the stake would be sold, or how the transaction will take place.

China Life shares were halted in Hong Kong and Shanghai on Monday, after the weekly Economic Observer newspaper cited an unidentified company official as saying that the insurer's parent is reorganizing units and may seek a stock market listing. China Life, the nation's biggest insurer, said yesterday its parent company doesn't plan to list the group's shares for trading.