FWD

[winston]

not vested

FWD Receives USD400M Investment from Apollo; IPO to Amass USD500M Max from LKS Foundation, etc.

The insurance company FWD, owned by Richard Li, has filed for U.S. listing, targeting to raise a maximum of USD3 billion.

According to the prospectus, the American private equity investment company Apollo Global Management will subscribe shares of FWD worth USD400 million through private placement, as a part of the investment management agreement between the two parties.

In addition to that, FWD's holding company Pacific Century Group will invest USD100 million in the IPO; while PCCW (00008.HK), also owned by Richard Li, will inject another USD100 million.

Li Ka Shing Foundation, on the other hand, will invest a maximum of USD300 million.

Source: AAStocks Financial News