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ICBC gets pledge on rights issue plan
By Maggie Zhang |
September 22, 2010, Wednesday
|
Print Edition
Print Edition
THE Industrial and Commercial Bank of China yesterday said it has received a commitment from its two major shareholders on its plan to raise funds via a rights issue.
The two shareholders, China's Ministry of Finance and Central Huijin Investment Co, the largest shareholder of the country's state-controlled banks, will buy an allotment of shares in cash, ICBC said in a filing with the Shanghai Stock Exchange.
The Beijing-based bank plans to raise up to 45 billion yuan (US$6.7 billion) through a rights issue in Hong Kong and Shanghai.
The world's biggest bank in terms of market value proposed a as much as 0.6-for-10 rights issue to existing shareholders, or up to 15.06 billion shares in Shanghai and 4.98 billion in Hong Kong.
The rights offer aims to develop its business healthily, boost its competitiveness, increase its ability to ward off risks and sustain profit growth, the bank said.
The bank is among several Chinese lenders replenishing capital through raising funds after a lending spree last year. They extended 9.6 trillion yuan of new credit in 2009.
In July, the Agricultural Bank of China debuted in Shanghai and Hong Kong with a US$19.2 billion dual-listing.
The other rivals, including the Bank of Communications, China Construction Bank and the Bank of China, also seek funds and could net up to 417 billion yuan.
The two shareholders, China's Ministry of Finance and Central Huijin Investment Co, the largest shareholder of the country's state-controlled banks, will buy an allotment of shares in cash, ICBC said in a filing with the Shanghai Stock Exchange.
The Beijing-based bank plans to raise up to 45 billion yuan (US$6.7 billion) through a rights issue in Hong Kong and Shanghai.
The world's biggest bank in terms of market value proposed a as much as 0.6-for-10 rights issue to existing shareholders, or up to 15.06 billion shares in Shanghai and 4.98 billion in Hong Kong.
The rights offer aims to develop its business healthily, boost its competitiveness, increase its ability to ward off risks and sustain profit growth, the bank said.
The bank is among several Chinese lenders replenishing capital through raising funds after a lending spree last year. They extended 9.6 trillion yuan of new credit in 2009.
In July, the Agricultural Bank of China debuted in Shanghai and Hong Kong with a US$19.2 billion dual-listing.
The other rivals, including the Bank of Communications, China Construction Bank and the Bank of China, also seek funds and could net up to 417 billion yuan.
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