CCB to sell 9 billion A shares in Shanghai

Updated: 2007-06-15 19:58

China Construction Bank Corp., one of China's Big Four state-owned commercial banks, said it would sell 9 billion A shares, or 3.85 percent of its enlarged share capital, on the Shanghai Stock Exchange, the company said in a statement Friday.

The statement said the plan had been approved by its board meeting but was still subject to approval by the general meeting of shareholders and the state securities and banking regulatory commissions.

The face value per share is 1 yuan and the A share holders will have the same rights as H share holders, according to the statement.

The bank said it will use the proceeds to strengthen its capital base and raise its "capital adequacy level".

The bank will hold a temporary meeting of shareholders on August 23 to discuss the plan.

The bank said it would distribute 45 percent of its net profit during the past six months as the mid 2007 dividend and offer a cash dividend to all shareholders before the A share offering.

China Construction Bank, in which Bank of America has an 8.52 percent stake, raised 9.2 billion US dollars from its listing in Hong Kong in 2005.

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