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BEIJING, May 29, 2007 (Xinhua via COMTEX) -- China Life Insurance Co., Ltd. (LFC.NYSE, 2628.HK), China's biggest life insurer and institutional investor, plans to invest 400 million-500 million yuan to buy equity in Wuhan Development Store Group Co., Ltd. (000501.SZ), according to a media report.
Wuhan Department Store announced suspension of share trading on May 25. The report said that the company is discussing for making a directional issue of 90 million shares to no more than 10 strategic investors, so as to raise 1 billion yuan. It is estimated that the cost per share for China Life is about 11 yuan, much lower than the company's current price on the secondary market. Wuhan Department Store closed at 17.67 yuan on May 29, up 10. 02 percent.