ICBC gets go-ahead to buy Thai bank shares
Source: Xinhua |
April 22, 2010, Thursday
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Print Edition
Print Edition
ICBC, the world's largest bank by market value, said yesterday that it had obtained all the governmental and regulatory approvals needed to complete the acquisition of all issued shares of Thailand's ACL Bank.
In a statement filed to the Hong Kong stock exchange, the Beijing-based bank said it acquired 1.546 billion ACL's ordinary shares and 282,048 ACL preferred shares, which together accounted for 97.24 percent of the total issued shares of ACL.
Under the terms of the Voluntary Tender Offer, if ICBC acquired 80 percent or more of the total issued shares of ACL, ICBC will implement the follow-up arrangements in respect of the delisting of ACL at the Thai stock exchange.
ICBC said it would apply to the Stock Exchange of Thailand for its approval for the delisting of ACL.
The statement didn't disclose the cost of the acquisition. But ACL Bank said in March that ICBC would pay 18.29 billion Thai baht (US$545 million) in the deal.
In a statement filed to the Hong Kong stock exchange, the Beijing-based bank said it acquired 1.546 billion ACL's ordinary shares and 282,048 ACL preferred shares, which together accounted for 97.24 percent of the total issued shares of ACL.
Under the terms of the Voluntary Tender Offer, if ICBC acquired 80 percent or more of the total issued shares of ACL, ICBC will implement the follow-up arrangements in respect of the delisting of ACL at the Thai stock exchange.
ICBC said it would apply to the Stock Exchange of Thailand for its approval for the delisting of ACL.
The statement didn't disclose the cost of the acquisition. But ACL Bank said in March that ICBC would pay 18.29 billion Thai baht (US$545 million) in the deal.
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