Biz Scene: Grapevine

Restructure approved

The Agricultural Bank of China may sell shares to the public for the first time as early as October after its restructuring plan was approved by the State Council, the South China Morning Post reported, citing unidentified sources.

The bank may also grant mandates for capital-raising of at least $5 billion in the first quarter, before the initial public offering, the newspaper said.

The Agricultural Bank may also get tax breaks and a government bailout of at least $40 billion, the newspaper said.

(China Daily 12/04/2007 page15)