PICC Property Casualty, the non-life insurance arm of Chinese insurance giant PICC Group, is planning to raise $935 million from a fully underwritten rights issue of A- and H-shares, according to an announcement to the Hong Kong stock exchange late Monday.
The Hong Kong-listed company will tap its international shareholders, including US insurance company American International Group AIG, for HK$2.25 billion $290 million, while its single domestic shareholder will take up the entire A-share portion or just over two-thirds of the combined rights offering.
PICC PC said it will use the money to strengthen its capital base and to improve its solvency margin....
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