Evergreen Group (長榮集團), Taiwan's largest shipping group, may bid for 69.4 million shares in Central Reinsurance Co (中央再保險公司) being sold by the Ministry of Finance, a local newspaper said, citing an unidentified government official.
The ministry has appointed President Securities Corp (統一證券) to sell the shares on July 9-11. A successful sale would cut the government stake in Central Reinsurance to less than half.
The stake to be sold is valued at NT$749 million (US$22.3 million, based on Central Reinsurance's closing price of NT$10.80 a share on Friday. Reinsurers buy insurance polices from other insurers to share risk. Evergreen owns a reinsurer overseas.
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