Financial institution of East Asia mentioned late on Friday it has agreed to promote its non-life insurance coverage and healthcare companies companies to a unit of AIA Group Ltd for an mixture HK$2.168 billion ($278 million).
BEA agreed to promote its medical, journey and normal insurance coverage companies unit Blue Cross (Asia-Pacific) Insurance coverage and all of its 80% curiosity in healthcare companies unit Blue Care JV (BVI) Holdings to AIA to generate worth for shareholders.
The Hong Kong-based Financial institution anticipated to e-book an mixture revenue of HK$1.534 billion upon completion of the offers, it mentioned in a submitting to the Hong Kong bourse.
Asia-focused AIA’s largest market in mainland China, which together with Hong Kong accounts for about half of its enterprise.
BEA shares have risen 11.8% up to now this 12 months as of the final shut, whereas AIA shares have gained 1%.