BoCom Nets US$2.3b Via Rights Issue
By Maggie Zhang |
July 17, 2010, Saturday
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Print Edition
Print Edition
THE Bank of Communications yesterday said it raised HK$17.78 billion (US$2.3 billion) through a rights issue in Hong Kong.
Investors in Hong Kong subscribed for 99.28 percent of the H shares on offer in the issue, China's fifth-biggest bank said in a statement to the Shanghai Stock Exchange yesterday.
The Shanghai-based bank had set a 1.5 for 10 rights issue for its yuan-backed A shares in Shanghai and Hong Kong-dollar H shares in Hong Kong to raise a combined 33.1 billion yuan (US$4.9 billion).
The bank completed its A-share rights issue on June 22 by netting 17.13 billion yuan.
BoCom in June cut its rights issues in Shanghai and Hong Kong to 33.1 billion yuan from 42 billion yuan announced in February, citing "market conditions."
Investors in Hong Kong subscribed for 99.28 percent of the H shares on offer in the issue, China's fifth-biggest bank said in a statement to the Shanghai Stock Exchange yesterday.
The Shanghai-based bank had set a 1.5 for 10 rights issue for its yuan-backed A shares in Shanghai and Hong Kong-dollar H shares in Hong Kong to raise a combined 33.1 billion yuan (US$4.9 billion).
The bank completed its A-share rights issue on June 22 by netting 17.13 billion yuan.
BoCom in June cut its rights issues in Shanghai and Hong Kong to 33.1 billion yuan from 42 billion yuan announced in February, citing "market conditions."
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