NWS Holdings to acquire FTLife Insurance for HK$21.5 billion in cash
New World Development Company Limited and NWS Holdings Limited jointly announced today that an indirect wholly-owned subsidiary of NWS Holdings entered into a Share Purchase Agreement with an indirect wholly-owned subsidiary of Tongchuangjiuding Investment Management Group Co., Ltd. whereby the Purchaser has conditionally agreed to purchase the entire issued share capital of FTLife Insurance Company Limited, a Hong Kong-based insurance business, for HK$21.5 billion in cash, subject to adjustments. NWD is the major shareholder of NWS Holdings with approximately 61% share ownership.
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