Oversea-Chinese Banking (SGX:O39) agreed to sell its entire 290 million shares, equivalent to a 33.3% stake, in Hong Kong Life Insurance to Yue Xie Enterprises for HK$589.3 million in cash.
The disposal's completion is subject to closing conditions and is not expected to impact the group's earnings per share for the year ending Dec. 31.
Upon completion of the divestment, Hong Kong Life will cease to be an associate of OCBC, according to a Friday filing with the Singapore Exchange.
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