Everbright Bank to Finance EquityApproved by the People's Bank of China, China's central bank, China Everbright Bank forges a plan to finance equity after the same act in 1997. The bank schedules to issue 1.579 billion shares of corporate shares at 1.95 yuan per share.It is understood the move aims at getting ready for the bank's future listing. According to announcement of the bank, the equity financing will face mainly to old shareholders to place the shares to well-performed large and medium sized enterprises. Total equity of Everbright Bank will hit 5.891 billion shares should the equity financing be smooth. Everbright Bank will strive to start initial public offering and get listed from 2001 to 2002. Reportedly the capital abundance of the bank is 6.86% while that of a listed bank should reach 8%, making the bank still unqualified for listing. However, should the bank obtain an increased capital worth of 3 billion yuan through equity financing, its capital abundance will be as high as 10.3%, making the bank be qualified for listing. Founded in August 1992, China Everbright Bank is a national state controlled stock holding commercial bank jointly invested by China Everbright (Group) Corporation, China Everbright Holding (Hong Kong) Co., Ltd., and Asian Development Bank. By June 30, 2000, total assets of the bank were 182.417 billion yuan, balance of deposits were 129.1 billion yuan, and the accumulative profit since foundation reached 6.69 billion yuan. It ranked the 300th in the world top 1000 banks granted by British Banker magazine in terms of first class capital. (Panorama) |
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