Wealth fund KIA said to be seller of HK$26.8 billion AIA stake
The sovereign wealth fund offloaded a 3.7 per cent stake in Hong Kong-based AIA through a series of block trades, the sources said, asking not to be identified because the information is private.
The 394.4 million shares were sold at HK$68 apiece, according to data compiled by Bloomberg. That's a discount of 6 per cent from AIA's on Thursday (Jul 3) close in Hong Kong, and the insurer's shares dropped 4.4 per cent on Friday. Bloomberg News reported earlier that a single unidentified seller was behind the trades.
A representative for KIA said the fund does not comment on its investment activities. A spokesperson for AIA did not immediately respond to queries outside regular business hours.
It's Hong Kong's fourth-largest share sale this year, according to data compiled by Bloomberg. The deal comes amid a pick-up in deals in the city, which was the world's second-largest market for equity offerings in the first half. BLOOMBERG
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
38 minutes ago
- Business Times
French companies seek to invest RM4 billion in Malaysia
[KUALA LUMPUR] Several French companies seek to invest a total of RM4 billion (S$1.2 billion) in Malaysia after a trade delegation led by Prime Minister Anwar Ibrahim met with 40 industry representatives in France on Jul 4, according to Malaysia's Ministry of Investment, Trade and Industry. The companies intend to invest in industries including high-tech manufacturing, aerospace, renewable energy, tourism, digital economy and sustainable infrastructure, the ministry said in a statement on Sunday (Jul 6). Malaysia sees potential exports of RM675 million for the aerospace, automotive, renewable energy, pharmaceuticals, digital economy, lifestyle and halal industries. After visiting France, Anwar has headed to Rio de Janeiro to attend the Brics summit. He will meet with Indian Prime Minister Narendra Modi on the sidelines of the meeting on Sunday, Malaysia's Bernama news agency reported. BLOOMBERG
Business Times
6 hours ago
- Business Times
South Korea seeks US trade deadline extension as tariffs loom
[SEOUL] South Korean and US trade officials have discussed extending the Jul 9 deadline for trade deals in a last-minute bid to avert sweeping tariffs from President Donald Trump. South Korean Trade Minister Yeo Han-koo held talks with US Trade Representative Jamieson Greer on Jul 5 in Washington, where he proposed manufacturing partnerships and called for the elimination or reduction of tariffs on products such as automobiles and steel, Seoul's industry ministry said in a statement on Sunday (Jul 6). The meeting came just days before a deadline to reinstate higher US levies that were halted in April. President Donald Trump has said that Washington would send out letters to trading partners setting unilateral tariff rates taking effect on Aug 1. South Korea is a key US ally and major manufacturing hub for cars, semiconductors and batteries. If the 25 per cent across-the-board levies are imposed, that would further undercut an economy already hit by sluggish domestic consumption. The central bank in May slashed its forecast for this year's gross domestic product growth to 0.8 per cent from 1.5 per cent. In a last-minute bid to avoid the tariffs from kicking in, Yeo presented a vision for a 'mutually beneficial' manufacturing cooperation framework to further strengthen the two countries' industrial supply chains, while stressing that any final agreement must include ending or limiting tariffs on automobiles and steel, among other products. 'Both sides agreed that they have been conducting negotiations in good faith for a month since the launch of the new South Korean administration and that it is necessary to further narrow their differences,' the statement said, adding that the officials also discussed extending the deadline for additional talks. It was Yeo's second trip to the US in just about a week and a sign that Seoul is ratcheting up efforts to make up for lost time in trade talks after President Lee Jae-myung won a snap election last month, taking over from the ousted Yoon Suk Yeol. Yoon's brief martial law decree at the end of last year triggered the country's worst political turmoil in decades and resulted in a leadership vacuum. Lee's national security adviser, Wi Sung-lac, left for Washington on Sunday to meet Secretary of State Marco Rubio, who also serves as acting national security adviser. Speaking with reporters before his departure, Wi said he needed to increase his involvement as the negotiations are in a 'critical phase.' He said he will seek to arrange a first summit between Lee and Trump as well as discussing security and other bilateral issues during his trip. BLOOMBERG
CNA
7 hours ago
- CNA
China retaliates to EU ban with import restrictions on medical devices
HONG KONG: China's finance ministry said on Sunday (Jul 6) it was restricting government purchases of medical devices from the European Union that exceed 45 million yuan (US$6.3 million) in value, in retaliation to Brussels' own curbs last month. Tensions between Beijing and Brussels have been rising, with the European Union imposing tariffs on China-built electric vehicles and Beijing slapping duties on imported brandy from the bloc. The European Union said last month it was barring Chinese companies from participating in EU public tenders for medical devices worth €60 billion (US$70 billion) or more per year after concluding that EU firms were not given fair access in China. The measure announced by the European Commission was the first under the EU's International Procurement Instrument, which entered into force in 2022 and is designed to ensure reciprocal market access. China's countermeasures were expected after its commerce ministry flagged "necessary steps" against the EU move late last month. "Regrettably, despite China's goodwill and sincerity, the EU has insisted on going its own way, taking restrictive measures and building new protectionist barriers," the commerce ministry said in a separate statement on Sunday. "Therefore, China has no choice but to adopt reciprocal restrictive measures." The EU delegation office in Beijing did not immediately respond to a request for comment. China will also restrict imports of medical devices from other countries that contain EU-made components worth more than 50 per cent of the contract value, the finance ministry said. The measures come into force on Sunday. The commerce ministry said products from European companies in China were not affected. The world's second- and third-largest economies are due to hold a leaders' summit in China later in July. On Friday, China also announced duties of up to 34.9 per cent for five years on brandy originating in the European Union, most of it cognac from France, after concluding an investigation largely believed to be a response to Europe's EV tariffs. Major cognac producers Pernod Ricard, LVMH and Remy Cointreau were spared from the levies, however, provided they sell at a minimum price, which China has not disclosed.
