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AVIC Capital Co., Ltd. to Issue A Shares through Private Placement; to Acquire Shares of Trust Company through Subsidiary

Thursday, 20 Jun 2013 08:00pm EDT 

AVIC Capital Co., Ltd. announced that it plans to issue up to 340,367,596 A shares of common stock with par value of RMB 1.00 per share at no less than RMB 14.69 per share through private placement. The Company aims to raise up to RMB 5 billion through the issuance, and will inject the funds into a wholly owned subsidiary. The wholly owned subsidiary will use approximately RMB 671 million to acquire a 10.20% stake in a Nanchang-based trust company (Company A) from Aviation Industry Corporation of China. After that, the wholly owned subsidiary will hold a 51% stake in the trust company. The remaining funds will be used for bank loan repayment and capital injection into subsidiaries. The wholly owned subsidiary will also acquire 160,995,000 shares (10.73% stake) of the trust company from a Shenzhen-based technology company, for RMB 690,295,200. 

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0.42 +1.76%
17 Apr 2015