British-South African financial group Old Mutual has put its 50% stake in a Chinese joint venture up for sale as part of its reorganisation efforts amid tough conditions for foreign insurers in China, according to sources.
Old Mutual is looking to sell its holdings in the 13-year joint venture with state-run power company Guodian Corp. to one or more domestic firms. It is currently working with financial advisers to work out the sale.
The venture is quite small and no estimates for its sale value are available. For the fourth quarter of 2016, its income was RMB118.4 million (US$17.16 million), up 12% year-on-year.
