Swiss investment banking major, UBS AG has increased its stake in PICC Property & Casualty from 4.97% to 5.23%, reported China Knowledge quoting the bourse operator Hong Kong Exchanges and Clearing.
Hong Kong Exchange has revealed that UBS has purchased 8.9 million shares for HK$46.89m from the Chinese company, PICC Property & Casualty. Under the transaction, the average price of each share was approximately HK$5.27.
Before the transaction, the company has cut its shareholding in PICC from 5.09%, by selling 4.22 million shares at HK$5.34 a piece.
PICC Property & Casualty offers non-life types of insurance such as motor vehicle insurance, commercial property insurance and homeowners insurance.
