Zurich Financial sells $283 mln New China Life stake-term sheet
HONG KONG, July 12 (Reuters) - Zurich Financial Services AG sold about $283 million worth of shares in New China Life Insurance Co Ltd, paring down its stake in China's third-biggest life insurer, according to a term sheet of the transaction seen by Reuters on Friday.
The Swiss insurer offered 97.5 million Hong Kong shares of New China Life at HK$22.50 each, putting the total deal at HK$2.19 billion ($283 million). The price is equivalent to a 6.4 percent discount to the company's closing price on Thursday.
New China Life also has shares traded in Shanghai .
Goldman Sachs acted as sole global coordinator on the selldown. ($1 = 7.7566 Hong Kong dollars)
(Reporting by Elzio Barreto; Editing by Paul Tait)