Bank of Communications plans to raise 42 bln yuan from share sales

12:53, February 24, 2010      

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The Bank of Communications' board of directors approved a plan to sell it's A and H shares February 23. The bank intends to raise as much as 42 billion yuan in a bid to replenish capital after deducting relevant expenses.

According to the plan, Bank of Communications will offer 1.5 shares for every 10 shares held in a rights offer for investors in its Shanghai-listed A shares and Hong Kong-listed H shares. The bank sells yuan-denominated A shares and Hong Kong-listed H shares simultaneously for the purpose of maintaining its current shareholding structure while benefiting existing shareholders by allowing them to buy additional shares at a discount.

By People's Daily Online
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