Wednesday May 7, 05:22 AM
China's SVA Group to withdraw from joint venture with Nippon Life: report
SHANGHAI (AFP) - Chinese consumer electronics maker SVA Group plans to withdraw from a struggling life insurance joint venture with Japan's Nippon Life Insurance, state media said Wednesday.
A major state-run asset management company will take over SVA's 50 percent stake in Nissay-SVA Life Insurance Co Ltd, the Shanghai Securities News reported, citing unnamed sources.
The half-and-half joint venture, established in November (Frankfurt: A0S9N7 - news) 2003, is still in the red with its performance below the industry average, a source said.
SVA has to focus on its core business, the source was quoted as saying.
Meanwhile a spokeswoman surnamed Zhang with Shanghai-based Nissay-SVA told AFP "the related companies are still working on the final details of the deal" while a spokesman with SVA Group declined to comment.
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
