HONG KONG, Feb 2 (Reuters) – China Strategic Holdings Ltd. mentioned on Tuesday it has submitted a suggestion and is among the many closing bidders for the life insurance coverage enterprise of Hong Kong’s Financial institution of East Asia (BEA).
BEA introduced plans final yr to promote its wholly owned subsidiary BEA Life after strain from activist investor Elliott Administration for reforms to spice up shareholder returns.
China Strategic, which supplies securities broking and cash lending providers, mentioned in an change submitting that the bidding course of was ongoing, it could not win the bid, and the deal would require sharholder approval. It didn’t present particulars on some other bidders.
BEA didn’t instantly reply to a request for remark.
BEA Life reported gross written premiums of HK$4.8 billion ($620 million) in 2019.
Reporting by Alun John; modifying by Jane Wardell