China’s Zhongtian Financial to buy up to $4.7 billion stake in Huaxia Life insurance company

Almaty. November 20. Silkroadnews – China’s financial group Zhongtian Financial announced the purchase of shares in the insurance company Huaxia Life for $4.7 billion, Reuters reported.
“China’s Zhongtian Financial Group Co said it planned to buy up to 25 percent of Huaxia Life Insurance for as much as 31.0 billion yuan ($4.7 billion). Under framework agreements, Zhongtian will buy a stake of between 21 percent and 25 percent from two shareholders in cash. The transaction would constitute a “major reorganization of assets”,” the report reads.
Zhongtian Financial said it will buy stakes from Beijing Qianxi Shihao Electron Technology Co Ltd and Beijing Zhongsheng Century Technology Co Ltd, which currently own 20% and 13.41% stake in Huaxia Life respectively.