The proceeds will be reinvested in Asia, to maintain its exposure to Asian markets, while benefiting from equity portfolio diversification.
Under the plan, nearly 292.5 million shares in NCI will be sold at a fixed price of HK$25 (nearly $3.23) per share, which is equivalent to a 7.7% discount to the company’s closing price on 20 November.
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The sale of the stake is being carried out by way of a block trade conducted on the Hong Kong Stock Exchange.
Zurich said that out of 292.5 million shares in NCI, nearly 52.3% will be acquired by Swiss Re for $493m, while remaining 47.7% will be purchased by investors procured by international investment banks (the book runners).
Zurich Asia-Pacific, Middle East and Africa chairman Geoff Riddell said, "Zurich is very optimistic about the China insurance market and we remain committed to further developing our presence in China and evaluating potential opportunities as they arise."
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