Pudong to raise US$5.6 bn in share sale
21 February 2008
Shanghai Pudong Development Bank plans to raise as much as US$5.6 billion by selling up to 1 billion additional A-shares on Chinese stock markets, the Wall Street Journal reported. Pudong shares fell by 10% - the daily limit - on the news. Analysts said that Pudong will most likely use the proceeds of the share sale to boost its capital adequacy ratio and buy stakes in smaller banks. Shanghai-based Pudong has hired UBS, Guotai Junan Securities and Citic Securities to underwrite the deal.
Bookmark and Share:
Other Categories
Other news from 21 February 2008
Related Articles
- Pudong to raise US$5.6 bn in share sale
- Shanghai to set up municipal investment firm
- Pudong cargo transport soars
- Shanghai Pudong considers further fund-raising
- Banks warned of bad loans
To receive the best China business news that the market has to offer,
subscribe to the China Economic Review.
subscribe to the China Economic Review.