CHINA / Companies |
CCB may raise US$5.5b in share sale(Bloomberg)Updated: 2007-06-15 11:03 China Construction Bank Corp., the nation's third largest, plans to sell as many as 9 billion shares in Shanghai, which may raise about $5.5 billion based on the company's stock price in Hong Kong. Construction Bank will offer the shares to qualified strategic investors, and Chinese companies and individuals, the company said in a statement printed in Hong Kong's South China Morning Post newspaper today. The Hong Kong-listed shares of Construction Bank rose 3 percent to HK$4.76 Thursday. The stock has declined 4 percent this year, compared with the 4.5 percent gain of the benchmark Hang Seng Index. The share sale requires approval from holders of the bank's Hong Kong-listed shares at a meeting to be held on Aug. 23, the statement said. China Securities Regulatory Commission and China Banking Regulatory Commission and other government agencies will need to approve the sale, the statement said. |
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