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Temasek raises holding in bank
Source: Bloomberg News |
November 22, 2011, Tuesday
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Print Edition
Print Edition
TEMASEK Holdings has raised its stake in China Construction Bank with the purchase of 3.77 billion shares.
Singapore's state-owned investment company increased its stake in the second-largest Chinese lender by market capitalization to 9.42 percent from 7.86 percent. It paid as much as HK$4.93 (US$0.633) per share, according to a disclosure filing to the Hong Kong stock exchange.
Bank of America, the second-biggest US lender by assets, said last week it planned 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.
China Investment Corp, the country's sovereign wealth fund, bought US$1.75 billion of shares in CCB on November 14, according to an exchange filing. CIC bought 2.76 billion shares at an average price of US$0.634, raising its stake to 60.46 percent from 59.31 percent.
Singapore's state-owned investment company increased its stake in the second-largest Chinese lender by market capitalization to 9.42 percent from 7.86 percent. It paid as much as HK$4.93 (US$0.633) per share, according to a disclosure filing to the Hong Kong stock exchange.
Bank of America, the second-biggest US lender by assets, said last week it planned 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.
China Investment Corp, the country's sovereign wealth fund, bought US$1.75 billion of shares in CCB on November 14, according to an exchange filing. CIC bought 2.76 billion shares at an average price of US$0.634, raising its stake to 60.46 percent from 59.31 percent.
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