richard-li-sells-insurance-business-to-fortis

Richard Li sells insurance business to Fortis

Richard Li and other founding shareholders sell 50.48% of Pacific Century Insurance to Fortis, netting $448 million.

By Sameera Anand

March 01, 2007

Richard Li has sold a majority stake in Pacific Century Insurance PCI to Fortis at a price which values 100% of the Hong Kong based insurer at HK$7 billion $896 million.

Fortis will pay HK$3.5 billion for 50.48% of PCI. Yuen Tin Fan Francis, executive chairman of PCI, described the deal as a logical next step in the evolution of PCI saying ôRichard Li and I sought to identify a buyer who could take PCI to a higher platform of growth. Fortis is such a buyer.ö

The 50.48% stake in PCI is owned by five parties Singapore-listed Pacific Century Regional Developments 75% owned by Richard Li owns 44.94% Yuen directly...

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