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Primus to Resubmit App to Taiwan Regulators for Purchase of AIG's Nan Shan Life Insurance

Posted on 02 Dec 2009

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Primus Financial Holdings Ltd. and China Strategic Holdings Ltd. (0235.HK), which American International Group Inc. (AIG) selected to buy its Taiwan life insurance unit for US$2.15 billion, said Wednesday they will send a revised application to Taiwan regulators on the acquisition "hopefully next week."

The companies aim to resubmit an application next week is to receive approval to buy Nan Shan Life Insurance Co., American International Group Inc.’s unit in the island, Robert Morse, co-founder of Primus, said in a telephone interview today. Taiwan’s investment commission asked Primus and China Strategic to provide more information about their shareholders on Nov. 13.

The regulator’s approval would allow the two companies to complete their proposed acquisition of most of Nan Shan from AIG and provide a stepping-stone for Morse's ambitions to expand Primus’s operations in Asia. Taiwan bans Chinese investors from controlling the island’s financial companies.