Jul. 30, 2012 (China Knowledge) - Bank of Communications<601328
>, the mainland's fifth-largest lender by market value, announced that it plans to issue RMB 29.8 billion worth of A-share through a private placement.
It still requires approval from the China Securities Regulatory Commission
Over two thirds of the A-shares will be subscribed by the Ministry of Finance (MOF)
and China's National Social Security Fund, the largest and second largest shareholders of the bank.
After the subscription, the Ministry of Finance
and China's National Social Security Fund will hold a 26.53% and a 13.88% stake in the company, respectively, said someone familiar with the matter.
In March 2012, Bank of Communications announced to issue 6.54 billion A-share with a price of RMB 4.55 apiece and 5.84 billion H-share with a price of HK$5.63 apiece to improve its capital adequacy ratio.