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ICBC Announces Rights Issue, ICBC Asia Buy-Out Plans
Industrial and Commercial Bank of China (ICBC) (1398.HK, 601398.SH) plans to raise up to RMB 45 billion through a dual A-share and H-share rights issue, the company announced July 29. The lender expects to issue up to 20.04 billion rights shares, based on a ratio of 0.6 rights shares for every 10 existing shares, of which A-shares rights may comprise up to 15.06 billion, the statement said.
Bank of Communications (3328.HK, 601328.SH) raised gross proceeds of RMB 32.77b from its dual issue of A-share and H-share rights in mid-July this year while Bank of China (3988.HK, 601988.SH) announced plans to raise up to RMB 60 billion through a rights issue in early July.
ICBC also announced a proposal to privatize its Hong Kong-listed subsidiary Industrial and Commercial Bank of China (Asia) (0349.HK), pending approval from regulatory authorities.
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