Taiwan Government: Rejected Primus Application To Buy Nan Shan
TAIPEI -(Dow Jones)- The Taiwan government rejected an application submitted
by a consortium comprising Primus Financial Holdings Ltd. and China Strategic
Holdings Ltd. (0235.HK) to buy AIG's Taiwan unit Nan Shan Life Insurance Co.,
Emile Chang, deputy executive secretary of Taiwan's Investment Commission, said
Thursday.
"We rejected the application last week because some needed papers are missing,
" Chang said.
The application was filed by Primus Nan Shan Holding, a company set up by
Primus and China Strategic Holdings, Chang said.
China Strategic Holdings and Primus agreed in October to pay US$2.15 billion
for Nan Shan Life.
As the seller, AIG also needs to jointly file the application, he said.
Chang said more documents are needed after China Strategic said Tuesday it
plans to sell a 30% stake in Nan Shan to Chinatrust Financial Holding Co. (
2891.TW), in exchange for a 9.95% stake in the Taiwan financial conglomerate.
-By Jessie Ho, Dow Jones Newswires; 88622 502-2557; jessie.ho@dowjones.com
(END) Dow Jones Newswires
11-18-092128ET
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