China Strategic: Application To Buy Nan Shan Not Rejected
HONG KONG -(Dow Jones)- China Strategic Holdings Ltd. (0235.HK) said Thursday
the plan by the company and Primus Financial Holdings Ltd. to buy Nan Shan Life
Insurance Co. hasn't been rejected by the Taiwan government, which has yet to
make a decision on the proposal.
The company said it was responding to reports in the media its plan had been
rejected.
Taiwan's Investment Commission rejected the application submitted by the
consortium last week because some required documents were missing, Emile Chang,
deputy executive secretary of the investment commission, said earlier Thursday.
China Strategic and Primus agreed in October to pay US$2.15 billion for Nan
Shan. China Strategic said Thursday the deal remains subject to further
negotiations, adding the company intends to take control of Nan Shan, "either
directly or indirectly." It didn't elaborate.
-By Jeffrey Ng, Dow Jones Newswires; 852-2802-7002; jeffrey.ng@dowjones.com
(END) Dow Jones Newswires
11-19-090156ET
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