ICBC looks to strengthen balance sheet through £4bn discounted rights issue

first_img Show Comments ▼ whatsapp Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTruthfinderEnter Any Name, Wait 105 Seconds, See Instant ResultsTruthfinderUndoAdventure CrunchCheck Out These Strange Looking MotorhomesAdventure CrunchUndoUnleashed FinanceExperts Made Dark Discovery In Herod’s Ancient FortressUnleashed FinanceUndoMovie JewelInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeMovie JewelUndoQuizscapeThe Irish Can’t Handle This Slang QuizQuizscapeUndoWorldLifeStyleMom Sells Baby’s Crib, But Buyer Returns And Tells Her To Look In The TrunkWorldLifeStyleUndoPets FanaticOur Jaws Dropped At Aircrew’s Shocking Find On Deserted IslandPets FanaticUndomoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comUndoHappiness TimesRevealed: How Jada Really Coped With Jaden’s Life-Changing RequestHappiness TimesUndo whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKansas coach fired for using N-word toward Black playerthegrio.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comColin Kaepernick to publish book on abolishing the policethegrio.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Thursday 11 November 2010 7:48 pmcenter_img Tags: NULL KCS-content INDUSTRIAL and Commercial Bank of China (ICBC) yesterday revealed plans to raise 45bn yuan (£4.2bn) through a rights issue this month to replenish capital.ICBC, which first unveiled the plan in July, is the last among China’s Big Four state banks to raise funds to strengthen balance sheets weakened by last year’s lending binge aimed at aiding China’s economic recovery.China Construction Bank Ltd (CCB) and Bank of China, the country’s second- and fourth-largest lenders, have detailed plans to raise a combined $18.2bn (£11.3bn) through rights issues this month, while Agricultural Bank of China, the third largest lender, raised $22.1bn in a record initial public offering in July.ICBC said it would sell 0.45 shares for every 10 existing shares, at steep discounts to its market prices.The Beijing-based lender, which will start taking subscriptions from investors on 16 November, priced the issue at 2.99 yuan per share in Shanghai, 37 per cent lower than its last closing price of 4.74 yuan.Its Hong Kong shares will be sold at HK$3.49 (28p) each, at a 47 per cent discount to its market price of HK$6.63.ICBC’s state parent, Central Huijin, a unit of China’s sovereign wealth fund, has said it will fully participate in the rights issue. Bank of China said yesterday its $9bn rights issue was 99.57 per cent subscribed. ICBC looks to strengthen balance sheet through £4bn discounted rights issue last_img

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