CDFHC gets grace period from FSC in China Life purchaseBy Kao Shih-ching / Staff reporterThe Financial Supervisory Commission (FSC) yesterday approved a grace period of about 27 months for China Development Financial Holding Corp (CDFHC, 中華開發金控) in its acquisition of China Life Insurance Co (中國人壽). Under the commission’s new requirement, the company must complete the deal before June 13, 2022, when its board members’ terms expire, it said. “We appreciate that the government allowed us to delay fully acquiring China Life and we will act accordingly,” the firm said. “For the sake of the company’s financial stability, we do not want to see it borrow a significant amount of money to close the deal. Raising new capital by issuing new common shares would be a safer option, she said, adding that the company could decide when to begin buying shares from China Life shareholders, she added.

Source: Taipei Times April 07, 2020 15:56 UTC