Hong Kong’s Target Insurance plans to sell HK$4 billion in bonds

Chicago, June 6 – Target Insurance (Holdings) Ltd. plans to issue approximately HK$4 billion in bonds, according to an announcement.

The company will target investor consortiums in China, the United Arab Emirates and Saudi Arabia.

The company has entered into letters of intent for over HK$5.3 billion.

Proceeds will be used for the rapid development of Himalayas Insurance, in the form of capital for business development. The group will be striving to obtain an investment-grade credit rating for Himalayas.

Target, an auto insurance company, is based in Hong Kong.

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