(Yicai Global) April 28 -- Tahoe Group plans to buy all equity its controlling shareholder owns in Tahoe Life Insurance by issuing additional shares, the company said in today's statement.
It plans to take a 100 percent stake in Everwin Enterprise Hong Kong, which in turn owns 100 percent equity of Tahoe Life Insurance Hong Kong and 99.85 percent equity of Tahoe Life Insurance Company Macau -- the firm's two constituent businesses -- by issuing shares.
Trading of Tahoe Group's stock [SHE:000732] halted today on the announcement.
The deal announced by Tahoe Group, formerly known as Thaihot Group, omitted details of the purchase price, but the company expects to disclose the full transaction scheme within 10 trading days.
Everwin Enterprise Hong Kong has clear title to all assets it owns, without any encumbrances such as pledges or liens, per the statement.
Tahoe Investment closed the HKD10.6 billion (USD1.5 billion) takeover of Dah Sing Financial Holdings' life insurance business and penned a 15-year exclusive bank insurance partnership deal with Dah Sing Bank on June 19, 2017 at a signing ceremony attended by Tahoe Investment chairman Huang Qisen and Dah Sing Bank's then-vice chairman Harold Tsu-Hing Wong. Dah Sing Life Assurance was renamed Tahoe Life Insurance on Nov. 24 that year.
Fuzhou, Fujian province-based Tahoe Group mainly plies the property, finance and cultural businesses.
Editor: Ben Armour