Economy
Financial Markets
Commodities
Industries
Energy
Real Estate
Local listed Company
Overseas-listed Company
Foreign Company
Industrial Parks


 
Company - Domestic
 Search News  Or
Bank of Communications announces RMB 56.6-bln private placement

Mar. 16, 2012 (China Knowledge) - Bank of Communications<601328><3328>, the mainland's fifth-largest lender by market value, announced yesterday that it plans to raise RMB 56.6 billion through a private placement to boost its capital base.

The bank said in a statement that it would issue 6.54 billion A shares at RMB 4.55 apiece and 5.84 billion H shares at HK$5.63 per share. Proceeds from the deal will be used to replenish the bank's core capital.

Subscribers of A shares include China's Ministry of Finance (MOF), China's National Social Security Fund (NSSF), Ping An Asset Management Co and China FAW Group. Subscribers of H shares include the MOF, HSBC Holdings<0005>, the NSSF, Best Investment Corp, China Life Insurance (Overseas) Co and New China Life Insurance Co<601336><1336>.

The MOF plans to spend RMB 15 billion to subscribe to 2.53 billion A shares and 759 million H shares to raise its shareholding in the bank slightly to 26.53%. HSBC Holdings will spend HK$13.3 billion to buy 2.36 billion H shares to maintain its stake in the bank at 19.03%. In addition, the NSSF will spend RMB 15 billion to purchase 1.88 billion A shares and 1.41 billion H shares to increase its ownership in the lender to 13.88% from 11.36%.

The private placement is subject to approval from the bank's shareholders, the China Banking Regulatory Commission and the China Securities Regulatory Commission.






Add this     
Copyright © "2015" www.chinaknowledge.com

Send feedback or comments to: news@chinaknowledge.com

For more news, financial weekly reports, business guides to China, Market Research Reports and other premium information, subscribe to China Knowledge today

To access our page on Bloomberg, type CKFI (GO)

 Our Professional Services

 E-Store

 News Archive
About Us | CSR | Media Center | E-Newsletter | E-Store | Contact Us | Feedback | Sitemap | Privacy Policy | Terms of Use  

           Copyright © 2014 China Knowledge Online. All Rights Reserved