CARLYLE SWAPS STAKE IN CHINA PACIFIC FOR STAKE IN PARENT

Venture capital group Carlyle has swapped a 25% stake in the life arm of China Pacific for a 19.9% holding in the company’s parent. Carlyle bought the 25% stake for $410m in December 2005. The share swap was seen as a major step towards the eventual listing of China Pacific Life, the third-largest assurer on the Chinese mainland. If China Pacific Group’s plans come to fruition, both the life and non-life units of the China Pacific holding company are to be included when the company floats a quarter of its equity on the Hong Kong exchange in a $1bn offering during the second half of 2007.