China's Finance Ministry to Lead ICBC's 100 Billion Yuan Private Placement
MT Newswires Live
Yesterday
Industrial and Commercial Bank of China (SHA:601398, HKG:1398) plans to raise up to 100 billion yuan from a private share placement of A shares, with the Ministry of Finance agreeing to subscribe to 70 billion yuan of the issuance, according to a prospectus filed with the Shanghai Stock Exchange.
The lender will place new shares, capped at 10% of its pre-issuance total share capital, to a group of investors. Alongside the Ministry of Finance, participants include China National Tobacco Corporation, Shanghai Tobacco Group, Yunnan China Tobacco Industry, Hunan China Tobacco Industry, and Hunan Tobacco Company.
Proceeds will be used to replenish the company's Common Equity Tier 1 capital.
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