Singapore, The Singapore blue chip stock Oversea Chinese Banking Corp states on Monday that a pre decided sale of Hong Hong Kong Life Insurance to investment firm First Origin had been called off after the buyer failed to meet certain conditions before a Sept. 30 deadline.
Oversea-Chinese Banking Corporation Limited is an Singapore undervalued stock offers all-inclusive range of financial services. OCBC subsidiary from OWHB in Hong Kong, owns a third last remaining independent life insurance businesses in Hong Kong. OWHB is one of five owners including Chong Hing Insurance Co Ltd, a unit of Chong Hing Bank Ltd.
The starting business from last year agreed to acquire HK$7.1 billion ($907 million), according to two of the sellers.
The OWHB terminated the sale with other seller on the basis that the closing conditions have not been satisfied," OCBC said in a statement. It did not specify which conditions were not met.
First Origin International Limited forfeited a deposit of HK$710 million ($90.7 million) to the sellers, OCBC said.Reuters was not able to contact First Origin for comment on Monday, a public holiday in Hong Kong.
The deal had been awaiting approval from the Hong Kong regulator.
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