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Cathay Life buys UWB shares
STAFF WRITER
Thursday, May 23, 2002, Page 18
Cathay Life Insurance Co (國泰人壽), a unit of Taiwan's biggest financial group, bought 31 million shares of United World Chinese Commercial Bank (世華銀行) held by Kuo Hua Life Insurance Co (國華人壽), a Chinese-language newspaper said yesterday, without identifying its source of information.
Cathay Life, part of the Lin-Yuan (霖園) group, bought 0.82 percent of United World Tuesday for NT$753 million ($22 million), or NT$24.3 a share, the report said. The purchase raised Lin-Yuan's stake in the bank to about 15 percent, it added.
Lin-Yuan's stake now matches that held by rival Fubon (富邦) group, which owns the country's second-largest financial holding company, the report said.
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