Money

CCB says to raise 75b yuan in rights issue

(Xinhua)
Updated: 2010-04-30 10:44
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HONG KONG: China Construction Bank, one of the country's four State-owned major banks, said Thursday it aimed to raise 75 billion yuan ($11 billion) through a rights issue.

In a statement filed with the Hong Kong stock exchange, the Beijing-based bank said the rights issue would be allotted to shareholders at a 10-to-0.7 ratio on the same basis for Shanghai's A shares and Hong Kong's H shares.

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The total number of shares to be offered in the proposed rights issue is up to 16.36 billion, comprising 630 million A shares and 15.73 billion H shares, CCB said in the statement.

Gross proceeds of the rights issue will be no more than 75 billion yuan, it said, adding that all the proceeds would be used to strengthen the capital base of the bank after deduction of issue expenses.

At the end of last year, CCB's core capital adequacy was around 9.3 percent. And the share placement could help it improve its capital base so as to meet the regulatory requirement of 11.5 percent.
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