OCBC Bank sells 33% stake in Hong Kong Life

The agreed sale price is HK$589.3m ($103m)

OCBC Bank's subsidiary, OCBC Hong Kong, has sold its 33.33% stake, or 290 million ordinary shares, in Hong Kong Life Insurance Limited to Yue Xiu Enterprises Limited.

The net asset value of the entire Hong Kong Life is estimated at HK$1b (approximately $180m) as of 31 December 2023.

The agreed sale price for the shares is HK$589.3m (approximately $103m), payable in cash upon completion. The valuation was based on factors like the net asset value and the embedded value.

Completion of the transaction is subject to customary closing conditions, including regulatory approvals. Hong Kong Life will cease to be an associated company of OCBC Hong Kong and OCBC Bank after the sale.

OCBC Group said the sale will not affect its net tangible assets or earnings per share for the financial year ending 31 December 2024.

$1 = HK$5.68

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