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Chinese regulators approve BoCom's share placement plan
August 12, 2012 / 3:06 AM / 5 years ago

Chinese regulators approve BoCom's share placement plan

HONG KONG, Aug 12 (Reuters) - Bank of Communications Co Ltd (BoCom) , China’s fifth largest lender, has obtained the green light from Chinese securities regulators for a private placement of around $9 billion, aimed at meeting tighter capital requirements.

The China Securities Regulatory Commission approved BoCom to issue no more than 6.54 billion new Shanghai-listed A shares and 5.835 billion new Hong Kong-listed shares, the lender said in a statement on the Hong Kong stock exchange late on Friday and seen by Reuters on Sunday.

In March, BoCom said in a separate statement it planned to place the new A shares at 4.55 yuan per share and the H-shares at HK$5.63 apiece with existing shareholders, with the amount raised totalling about 56.57 billion yuan ($8.9 billion).

On Friday, Hong Kong-listed shares of BoCom, originally set up to fund communications and transport projects and in which HSBC has a stake, closed 1.13 percent lower at HK$5.27, while its Shanghai stock rose 0.68 percent to 4.44 yuan.(Reporting by Lee Chyen Yee; Editing by Michael Perry)

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