Companies

Carlyle sells $1.8b of China Pacific shares

(Agencies)
Updated: 2011-01-11 14:34

Carlyle Group, the world's second- biggest buyout firm, sold $1.8 billion of China Pacific Insurance Co shares, Bloomberg reported.

Carlyle sold 415.2 million of the Chinese insurer's Hong Kong-listed shares at HK$33.45 each, according to Bloomberg.

Related readings:  China Pacific sells stake  China Pacific Insurance profit in Q3 down 64.4%  China Pacific plans $735m investment in regional bank

The lockup period for the shares held by Carlyle expired on Dec 23, one year after the insurer's HK$24.1 billion Initial Public Offering in Hong Kong. Carlyle sold 216 million of shares on Dec 30, at HK$ 31.15 apiece.

Washington-based Carlyle and Newark, New Jersey-based Prudential Financial Inc agreed in December 2005 to take a 25 percent stake in China Pacific Life Insurance Co, a unit of Pacific Insurance, for 3.3 billion yuan ($499 million). The investment was converted into a stake in the parent company in 2007, and then into Pacific Insurance's Hong Kong-listed shares in 2009 as the insurer sold stock in the city.