Bank to raise US$11b
Source: Agencies |
May 1, 2010, Saturday
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Print Edition
Print Edition
CHINA Construction Bank Ltd plans to raise up to US$11 billion by issuing new stock to replenish capital following a lending boom last year.
Chinese banks are raising billions of dollars to strengthen their balance sheets after a government-directed credit surge last year to support the country's 4 trillion yuan (US$586 billion) stimulus.
The bank will give its shareholders the right to buy 0.7 new shares for each 10 shares they hold "in order to strengthen the capital base of the bank," it said in a statement through the Hong Kong stock exchange.
The measure requires shareholder approval, the bank said. It said it would issue a maximum of 16.4 billion new shares.
Chinese banks are raising billions of dollars to strengthen their balance sheets after a government-directed credit surge last year to support the country's 4 trillion yuan (US$586 billion) stimulus.
The bank will give its shareholders the right to buy 0.7 new shares for each 10 shares they hold "in order to strengthen the capital base of the bank," it said in a statement through the Hong Kong stock exchange.
The measure requires shareholder approval, the bank said. It said it would issue a maximum of 16.4 billion new shares.
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