Standard Chartered Bank to Issue 35 mln New Shares in HK

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Last updated at: (Beijing Time) Monday, October 21, 2002

Standard Chartered Bank to Issue 35 mln New Shares in HK

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Standard Chartered Bank intends to sell approximately 35 million new shares or 3.1 percent of its issued share capital through the upcoming share offer in Hong Kong, announced Standard Chartered Bank Sunday.

In announcing the details of its proposed listing on the Stock Exchange of Hong Kong, Standard Chartered said the size of the share offer, including the over-allotment of 15 percent, will be approximately 264 million British pounds (3,188 million HK dollars or 408 million US dollars).

The maximum offer price has been set at a premium to the closing price of Standard Chartered's shares on the London Stock Exchange on Friday, Oct. 18 of 7.54 British pounds (about 91.1 HK dollars) per share.

The maximum offer price to be paid by investors in the Hong Kong public offer will be 103 HK dollars per share, including brokerage and other transaction-related levies.

The final offer price will be determined after the close of trading of Standard Chartered shares on the London Stock Exchange on Friday, Oct. 25.

"We have been a note-issuing bank in Hong Kong for 141 years. It's part of our heritage but more importantly it's fundamental part of our future," said Patrick Gillam, chairman of Standard Chartered Bank.

"The dual primary listing, the first by a major London-based company, demonstrates our complete confidence in Hong Kong," he said.

Mervyn Davies, chief executive of Standard Chartered, said, "This listing will allow investors in Hong Kong and Asia to invest easily in our shares. A broader shareholder base in Asia will support our growth going forward."

The Hong Kong share offer consists of a public offer and an institutional offer. Both will open Monday.

The initial tranche size for retail investors under the Hong Kong public offer is 10 percent of the base share offer size. The final split of shares between the Hong Kong public offer and the institutional offer may be adjusted in accordance with levels of demands.

The Hong Kong public offer will close at 12:00 noon on Oct. 24.Dealing in the company's shares on the Stock Exchange of Hong Kongis expected to commence on Oct. 31.

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