Tongyang Life Insurance, a South Korean insurer controlled by China's Anbang Insurance Group, decided Wednesday to increase capital by issuing new shares.
Tongyang Life said in a regulatory filing that its decision to issue 53.8 million new shares is aimed at securing an operational fund of 625 billion won (553 million US dollars). The price was set at 11,613 won per share.
New shares will be allocated to Anbang, which acquired a controlling stake in the South Korean insurer last year for 1.13 trillion won. Anbang has actively purchased overseas assets under an aggressive expansionist campaign by its chairman Wu Xiaohui.
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