Minsheng offers bite
Source: Xinhua |
January 8, 2011, Saturday
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Print Edition
Print Edition
CHINA Minsheng Banking Corp yesterday said it plans to raise 21.48 billion yuan (US$3.25 billion) in a private offering in Shanghai to replenish its capital.
The lender will sell 4.7 billion shares for 4.57 yuan each, the company said in a statement filed with the Hong Kong stock exchange after the market closed. The fundraising plan was revealed following speculation the country's banking regulator would tighten capital rules this year.
Minsheng's capital adequacy ratio stood at 10.77 percent at the end of June 2010, slightly above the minimum regulatory requirement of 10 percent. An unnamed executive of the bank said the fundraising plan would help boost the lender's core capital adequacy ratio and ensure the healthy development of its businesses.
The lender will sell 4.7 billion shares for 4.57 yuan each, the company said in a statement filed with the Hong Kong stock exchange after the market closed. The fundraising plan was revealed following speculation the country's banking regulator would tighten capital rules this year.
Minsheng's capital adequacy ratio stood at 10.77 percent at the end of June 2010, slightly above the minimum regulatory requirement of 10 percent. An unnamed executive of the bank said the fundraising plan would help boost the lender's core capital adequacy ratio and ensure the healthy development of its businesses.
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