CCB share-issuing plan approved

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CCB share-issuing plan approved

08:00, August 25, 2010      

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Guo Shuqing, chairman of China Construction Bank, said Monday that the bank's plan to raise 75 billion yuan ($11.03 billion) via A-share and H-share issuings has been approved by the China Banking Regulatory Commission (CBRC) and the deadline has been set to year-end.

The deal is still waiting for the approval of China Securities Regulatory Commission (CSRC).

Six investment banks, including Morgan Stanley and China International Capital Corp (CICC), have been appointed by the bank to participate in the stake-issuing.

This financing plan will be most on H-shares which will make up 96.15 percent of the total issuing.

Guo also said that the bank will issue subordinated debts at proper time.

The bank released its middle-year report Monday. In the first half of the year, the bank made net profits of 70.78 billion yuan ($10.41 billion), up 26.75 percent year-on-year. Also, in the same period, capital adequacy ratio (CAR) was 11.66 percent, down 0.02 percent compared with the end of last year, and the core CAR was 9.27 percent, 0.04 percent lower than that in the end of last year.

Source: Global TimesRelated Reading

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