Business / Markets

Ping An vows its Jahwa stake won't be sold

By GAO CHANGXIN in Shanghai ( Updated: 2014-02-13 22:29

Ping An Insurance Company of China Ltd has promised not to sell its controlling stake in Shanghai Jahwa United Co Ltd, according to a statement issued by Jahwa on Thursday.

Ping An bought the stake in Jahwa, a Shanghai-based household products maker, from Shanghai government in 2011 for 5.1 billion yuan ($841 million).

At the time, Ping An pledged not to sell the stake for five years, but seemed to have adopted a different stance after Jahwa's former chairman and chief executive Ge Wenyao resigned last September.

It's widely speculated that Ge and Ping An had major differences over Jahwa's operations and growth plans.

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