Tue, Jul 05, 2011 - Page 12 News List

Ruen Chen files documents for Nan Shan bid approval

By Crystal Hsu  /  Staff Reporter

Ruen Chen Investment Holding Co (潤成投資), the winning bidder for American International Group Inc’s (AIG) Taiwanese unit, Nan Shan Life Insurance Co (南山人壽), has filed the documents required for regulatory approval, the Financial Supervisory Commission (FSC) said yesterday.

The regulator gave its approval last month for the acquisition plan on condition that Ruen Chen put an extra NT$6 billion (US$209.1 million) in a custodial account in 60 days to meet future capital needs, among other requirements. The FSC said it was reviewing the new documents.

Ruen Chen struck a deal with AIG in January to buy the US company’s 97.57 percent stake in Nan Shan for US$2.16 billion. It has about 40,000 employees and 4 million policyholders in Taiwan.

The company is owned by supermarket operator Ruentex Development Co (潤泰新), cement and chemical fiber maker Ruentex Industries Ltd (潤泰全) and shoemaker Pou Chen Corp (寶成工業).

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