The Central Bank of Norway to invest in China Pacific Insurance

China Pacific Insurance (Group) Co. said Monday it is raising around HK$10.395 billion ($1.34 billion) in a H-share private placement.

The three subscribers to the private placement offering are Singapore’s sovereign wealth fund, Government of Singapore Investment Corporation, Norway’s central bank Norges Bank and Abu Dhabi Investment Authority, the insurer said in a statement on the stock exchange.

The insurer said it plans to issue 462 million new H-shares at HK$22.50 per share. The proceeds from the proposed placing will be used to increase the capital base of the company and for business development, China Pacific Insurance added.

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