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CMB to extend RMB 35-bln rights issue plan

Jul. 23, 2012 (China Knowledge) - China Merchants Bank or CMB<600036><3968>, the nation's sixth-largest bank by assets, announced yesterday that it plans to extend the validity period of its planned RMB 35-billion rights issue by 12 months.

The lender said in a statement that the extention proposal still needs shareholders' approval. The bank is due to hold a shareholders' meeting to discuss the plan on Sep. 5.

In April, the bank obtained an approval from the China Securities Regulatory Commission for the rights issue, in which it plans to issue 2.2 new shares for every ten existing shares. The lender will sell up to a total of 4.74 billion new shares, comprising 3.89 billion A shares and 860 million H shares.

Proceeds from the rights issue will be used to boost the bank's capital adequacy ratio.

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