Ping An boosts stake in TCM firm
12 August 2008
Ping An Insurance, China's second-largest insurer, plans to pay US$203 million to raise its stake in Traditional Chinese Medicine maker Yunnan Baiyao Group, Bloomberg reported. The stake purchase, which still needs approval from shareholders and regulators, would see Ping An buy 50 million shares at RMB27.87 (US$4.06) to boost its holding in Yunnan Baiyao to 9.61%, from 0.27%. The share price is a 20% discount on Yunnan Baiyao's closing share price of RMB33.53 (US$4.88) as of July 28, when it was suspended pending the announcement.