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Health Insurer Sells Stock To Public

By Staff Writer

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Triple-S Management Corp. today raised about $64 million in net proceeds by selling 5 million shares of stock to the public.

Triple-S, San Juan, Puerto Rico, a company that owns the Blue Cross and Blue Shield licensee and other insurance carriers in Puerto Rico, priced the stock at $14.50 per share.

In addition to the 5 million shares that Triple-S itself owned, Triple-S also arranged for the sale of 9 million shares of Triple-S stock held by other parties.

Triple-S stock now trades on the New York Stock Exchange under the symbol GTS.

Triple-S provides or administers health coverage for 1 million people.

Earlier, Triple-S had suggested that the initial public offering price for its stock might be $16 to $18 per share.

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