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PICC Property to transfer its 20% stake

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-03-17 14:49

PICC Property and Casualty Company Limited, the country's largest non-life insurer, has agreed to transfer its 20 percent equity interests in PICC Asset Management Co (PICC AMC) to PICC Group, the company said in a statement to the Hong Kong bourse on Monday.

For industry experts, the move is a step forward for PICC's listing as a whole unit. The group plans to complete the shareholding reform this year and consider a listing next year.

In July 2006, PICC Property and Casualty Company contributed 160 million yuan to the registered capital of PICC AMC for a 20 percent stake. Following the completion of the equity transfer, the company will no longer hold any equity interest in PICC AMC.