Bank Of Communications To Raise CNY56.6 Billion In Share Placement
March 15 2012 - 4:34AM
Dow Jones News
Bank of Communications Co. (3328.HK), China's fifth-largest bank
by assets, said Thursday it would raise CNY56.6 billion ($9
billion) in a private placement to boost its capital in order to
comply with stricter regulations in China.
The state-run bank, in which HSBC Holdings PLC owns a stake of
roughly 19%, said it would issue 6.54 billion yuan-denominated A
shares at CNY4.55 each and 5.84 billion Hong Kong
dollar-denominated H shares at HK$5.63 each.
At least five institutional investors, including China's
Ministry of Finance and HSBC, will take part in the share
offering.
HSBC has agreed to subscribe to 2.36 billion shares in the
placement for approximately HK$13.26 billion.
-Rose Yu and Fiona Law contributed to this article, Dow Jones
Newswires; 8621 6120-1200; rose.yu@dowjones.com