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Bank of China to sell shares in Hong Kong
(AP)
Updated: 2005-12-29 14:58
Bank Of China, the country's third-largest lender, will apply to list its
shares on the Hong Kong Stock Exchange early next year, the China Securities
Journal reported Thursday.
The long anticipated move follows the approval of a purchase of a 5 percent
stake in the bank by Singaporean government investment company Temasek Holdings
Pte. Ltd., the report said.
"Preparations for listing application materials have been completed and
the bank will submit its listing application to the Hong Kong Stock Exchange
in early 2006," according to the report by the newspaper, which
cited an unnamed source at the bank.
Beijing-based Caijing Magazine reported earlier this week that the
government-owned Central Huijin Investment Co., Bank of China's controlling
shareholder, had signed off on the bank's plan to sell a 5 percent stake to
Temasek for an undisclosed sum.
Bank of China's spokesman, Wang Zhaowen, had no comment on the China
Securities Journal report or its contents, or about Temasek's bid. However, he
confirmed the bank was preparing its application for a listing in Hong Kong.
Central Huijin earlier rejected a bid by Temasek to take
a 10 percent stake in the Chinese lender. The reasons for its objections have
not been disclosed, though Caijing reported that Finance Ministry officials
argued the price offered for the bank's shares was too low.
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