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MOF, Central Huijin to invest in ICBC's rights issue

Sep. 22, 2010 (China Knowledge) - Industrial and Commercial Bank of China<601398><1398>, the world's most profitable bank, yesterday announced that the Ministry of Finance and the Central Huijin Investment Ltd, the domestic investment arm of the nation's sovereign wealth fund, China Investment Corp, will fully participate in ICBC's rights issue plans, sources reported.

In Jul. 28, ICBC said that it had secured approval from the board of directors to raise as much as RMB 45 billion via a rights issue in Hong Kong and Shanghai to replenish its capital.

In a statement filed with the Shanghai Stock Exchange, the lender said that it will issue up to 0.6 new shares for every 10 existing A shares and H shares.

Central Huijin, which holds a 35.42% stake in ICBC, will invest as much as RMB 15.94 billion in the rights issue, while the MOF, being the second-largest shareholder of ICBC, will spend up to RMB 15.90 billion for subscribing for the new shares.

At the end of June, the bank's capital adequacy ratio was 11.34% and its core capital adequacy ratio was 9.41%.

In the first half of this year, ICBC realized RMB 84.6 billion in net profit.

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