CIC increases stake in CCB
Source: Bloomberg News |
November 19, 2011, Saturday
|
Print Edition
Print Edition
CHINA Investment Corp, the country's sovereign wealth fund, has bought US$1.75 billion of shares in China Construction Bank, increasing state control of the second-largest Chinese lender by market capitalization.
CIC bought 2.76 billion shares at an average price of US$0.634 off the exchange on Monday, according to a disclosure filing to the Hong Kong stock exchange yesterday, without naming sellers. That brought CIC's stake to 60.46 percent from 59.31 percent.
Bank of America Corp, the second-biggest United States lender by assets, said this week that it plans to bolster capital by selling 10.4 billion shares of CCB this month in private transactions for a profit of about US$1.8 billion, leaving it with a 1 percent stake.
Foreign investors, including BofA, Goldman Sachs and Royal Bank of Scotland, have trimmed more than US$25 billion of holdings in Chinese lenders since the beginning of 2009, according to data compiled by Bloomberg News.
Temasek Holdings Pte bought about a third of the stock that BofA is selling at HK$4.93 (US$0.63) apiece, sources have said.
CIC bought 2.76 billion shares at an average price of US$0.634 off the exchange on Monday, according to a disclosure filing to the Hong Kong stock exchange yesterday, without naming sellers. That brought CIC's stake to 60.46 percent from 59.31 percent.
Bank of America Corp, the second-biggest United States lender by assets, said this week that it plans to bolster capital by selling 10.4 billion shares of CCB this month in private transactions for a profit of about US$1.8 billion, leaving it with a 1 percent stake.
Foreign investors, including BofA, Goldman Sachs and Royal Bank of Scotland, have trimmed more than US$25 billion of holdings in Chinese lenders since the beginning of 2009, according to data compiled by Bloomberg News.
Temasek Holdings Pte bought about a third of the stock that BofA is selling at HK$4.93 (US$0.63) apiece, sources have said.
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