Singaporean state investment firm Temasek Holdings Pte has held talks with Chinese authorities about acquiring a stake in Anbang Insurance Group Co (安邦保險), as well as some of its assets, people with knowledge of the matter said.
Temasek has been examining a potential deal for several months, the people said, asking not to be identified because the discussions are private.
The S$308 billion (US$223.73 billion) investment firm is not currently in any negotiations about an Anbang transaction, two people with knowledge of its deliberations said.
“We do not comment on market speculations or rumors,” Temasek said in an e-mailed statement.
China Insurance Investment Co (中國保險投資基金), a body that is owned by some of the nation’s biggest insurance firms, is also considering investing in Anbang and is in talks with regulators in that regard, some of the people said.
The interest from Temasek and China Insurance Investment indicates that Beijing is making progress trying to find strategic investors for Anbang almost eight months after officials temporarily seized control of the insurer and put its chairman in jail.
Anbang’s voracious overseas dealmaking in the years leading up to the government intervention saw the company rise from obscurity to become a famed acquirer of trophy assets, sometimes at excessive valuations.
Officials at the China Banking and Insurance Regulatory Commission did not immediately respond to a request for comment.
The commission would be one of the key bodies needed to approve such a deal.
A telephone call to Shanghai-based China Insurance Investment seeking comment was not answered, and a spokesperson for Anbang said the company does not comment on market speculation.
Beijing has indicated that fresh investors would eventually replace an industry security fund that in April injected 60.8 billion yuan (US$8.79 billion) of capital into Anbang to keep the Beijing-based insurer a private business, as opposed to a state-owned one.
It is as yet unclear how much Temasek or China Insurance Investment would be willing to pay for a part of Anbang, or how much of a stake they would look to take, the people said.
Temasek already has a number of investments in Chinese banks, a show of its confidence in the nation’s huge and growing financial sector.
Its interests include stakes in Industrial & Commercial Bank of China Ltd (中國工商銀行), China Construction Bank Corp (中國建設銀行), Ping An Insurance (Group) Co (中國平安保險) and Bank of China Ltd (中國銀行), data compiled by Bloomberg showed.
Anna Bhobho, a 31-year-old housewife from rural Zimbabwe, was once a silent observer in her home, excluded from financial and family decisionmaking in the deeply patriarchal society. Today, she is a driver of change in her village, thanks to an electric tricycle she owns. In many parts of rural sub-Saharan Africa, women have long been excluded from mainstream economic activities such as operating public transportation. However, three-wheelers powered by green energy are reversing that trend, offering financial opportunities and a newfound sense of importance. “My husband now looks up to me to take care of a large chunk of expenses,
SECTOR LEADER: TSMC can increase capacity by as much as 20 percent or more in the advanced node part of the foundry market by 2030, an analyst said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to lead its peers in the advanced 2-nanometer process technology, despite competition from Samsung Electronics Co and Intel Corp, TrendForce Corp analyst Joanne Chiao (喬安) said. TSMC’s sophisticated products and its large production scale are expected to allow the company to continue dominating the global 2-nanometer process market this year, Chiao said. The world’s largest contract chipmaker is scheduled to begin mass production of chips made on the 2-nanometer process in its Hsinchu fab in the second half of this year. It would also hold a ceremony on Monday next week to
State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday signed a letter of intent with Alaska Gasline Development Corp (AGDC), expressing an interest to buy liquefied natural gas (LNG) and invest in the latter’s Alaska LNG project, the Ministry of Economic Affairs said in a statement. Under the agreement, CPC is to participate in the project’s upstream gas investment to secure stable energy resources for Taiwan, the ministry said. The Alaska LNG project is jointly promoted by AGDC and major developer Glenfarne Group LLC, as Alaska plans to export up to 20 million tonnes of LNG annually from 2031. It involves constructing an 1,290km
NEXT GENERATION: The company also showcased automated machines, including a nursing robot called Nurabot, which is to enter service at a Taichung hospital this year Hon Hai Precision Industry Co (鴻海精密) expects server revenue to exceed its iPhone revenue within two years, with the possibility of achieving this goal as early as this year, chairman Young Liu (劉揚偉) said on Tuesday at Nvidia Corp’s annual technology conference in San Jose, California. AI would be the primary focus this year for the company, also known as Foxconn Technology Group (富士康科技集團), as rapidly advancing AI applications are driving up demand for AI servers, Liu said. The production and shipment of Nvidia’s GB200 chips and the anticipated launch of GB300 chips in the second half of the year would propel
RSS