Seven to invest in bank's record IPO
Source: Agencies |
June 24, 2010, Thursday
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Print Edition
Print Edition
AUSTRALIAN media and investment company Seven Group Holdings Ltd said yesterday it had reached agreement with the Agricultural Bank of China to invest US$250 million in the lender's record-breaking initial public offering.
ABC, the last of China's "big four" state-owned banks to seek a share listing, last week began marketing for an IPO in Shanghai and Hong Kong that is likely to exceed US$20 billion, making it the world's biggest IPO ever.
Subscriptions for the IPO begin on July 1, with trading in Shanghai due to start on July 15.
Seven, best known in Australia for its TV network of the same name, said in a statement it had signed a memorandum of understanding with the bank that will make it "one of a number of cornerstone investors" in the IPO.
The statement said Seven will invest as part of a strategy to underpin its WesTrac China business - which owns heavy machinery dealerships in the country - and to "create new opportunities for Seven to leverage China's economic growth."
Britain's Standard Chartered Bank has also signed a partnership deal with the rural lender, though it has not disclosed any figures on investment in the IPO.
The IPO is set to draw strong backing from government institutions and sovereign wealth funds: several of the big global funds are reportedly taking sizable stakes, including Singapore government investment arm Temasek Holdings.
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