WANG ON PPT CEO Deng Haokang purchases a life insurance policy, paying an initial single premium of approximately 37.73 million yuan
WANG ON PPT CEO Deng Haokang has taken out a life insurance policy, paying an initial single premium of approximately 37.73 million yuan. WANG ON and WANG ON PPT announced that the policyholder has received the final policy and confirmation letter from Manulife Financial. The beneficiary of the policy is Twist Pioneer, a subsidiary of WANG ON PPT. This move aims to protect the company from potential losses arising from Deng Haokang's unfortunate death and may assist the company in refinancing and negotiating bank loans
According to a report from Economic Information Agency on the 4th, Wang On (01222) and Wang On Properties (01243) jointly announced that the policyholder (an indirect wholly-owned subsidiary of Wang On Properties) has received the final life insurance policy and policy acceptance confirmation letter from Manulife Financial. The total initial single premium paid amounts to approximately USD 4.85 million (equivalent to about HKD 37.733 million). The company stated that the insured is the Executive Director and CEO of Wang On Properties, Deng Haokang, aged 38; the beneficiary is Twist Pioneer, a subsidiary of Wang On Properties. The group stated that the policy was purchased with Twist Pioneer as the beneficiary to ensure that the Wang On Properties group is protected from any potential losses or damages that may arise from Deng Haokang's unfortunate death, and believes that purchasing the policy may assist the Wang On Properties group in refinancing and negotiating its bank loan financing. (rh)
