China Minsheng Banking 3.5 bln shr private placement approved |
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Tue, 16 Jan 2007 00:40
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BEIJING (XFN-ASIA) - China Minsheng Banking Corp Ltd (SHA 600016) has received approval from securities regulators to issue up to 3.5 bln A-shares via private placement, the bank said in a statement filed with the Shanghai Stock Exchange.The placement was approved by the banking regulator in September.Proceeds of the issue will be used to supplement capital, the bank said.At the end of June, the bank's capital adequacy ratio (CAR) fell to 7.46 pct, against 8.26 pct at the end of 2005.In a separate statement, the bank said its shareholders have approved a proposal to set up a 200 mln yuan fund management joint venture with Royal Bank of Canada and a China Three Gorges-controlled finance firm.Royal Bank of Canada will hold 30 pct in the joint venture, while China Minsheng Banking will hold 60 pct. The remaining 10 pct will be held by the Three Gorges unit.The bank's shareholders also approved a 75 mln yuan purchase of an additional 30 mln shares in China UnionPay via private placement.Following the deal, China Minsheng will have 80 mln shares in China UnionPay, equivalent to a 2.8 pct stake.Asia Financial Holdings, a wholly-owned subsidiary of Temasek, holds a 3.90 pct stake in China Minsheng Banking.(1 usd = 7.79 yuan)zachary.wei@xfn.com
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