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I guess one chee bye in the organization is not good enough for them...
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Nov 11, 2010
TEMASEK TO TAKE OVER BOA SHARE
Temasek to buy CCB shares
-- ST FILE PHOTO: SAMUEL HE
TEMASEK Holdings will take up Bank of America's entire entitlement in China Construction Bank's rights issue, a spokesman for the Singapore state investor said on Thursday.
CCB, China's No 2 lender, plans to raise up to 61.6 billion yuan (S$11.9 billion) in Asia's biggest rights issue outside Japan to shore up capital after a lending binge in 2009.
BoA, which owns just under 11 per cent of CCB, has been looking for a buyer for its rights entitlement as it could be politically difficult for a bailed-out US bank to pump more money into a Chinese bank, sources have said.
'We confirm we will be taking up BoA's rights entitlement in CCB,' a Temasek spokesman told Reuters.
By taking over BoA's rights, Temasek, which already owns about 6 per cent of CCB, will have to invest an additional US$1.5 billion to US$1.6 billion in the Chinese lender.
CCB is offering 0.7 shares for every 10 existing shares at 3.77 yuan per A-share and HK$4.38 per H-share.
The price of the rights, first proposed in April, is about 43 per cent below CCB's Hong Kong-listed H shares that currently trade around HK$7.72 per share.
BoA, CCB's second-largest shareholder, has already indicated that it is unlikely to participate in the rights, news reports have said. A spokesman for Bank of America declined comment. -- REUTERS
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Nov 11, 2010
TEMASEK TO TAKE OVER BOA SHARE
Temasek to buy CCB shares
-- ST FILE PHOTO: SAMUEL HE
TEMASEK Holdings will take up Bank of America's entire entitlement in China Construction Bank's rights issue, a spokesman for the Singapore state investor said on Thursday.
CCB, China's No 2 lender, plans to raise up to 61.6 billion yuan (S$11.9 billion) in Asia's biggest rights issue outside Japan to shore up capital after a lending binge in 2009.
BoA, which owns just under 11 per cent of CCB, has been looking for a buyer for its rights entitlement as it could be politically difficult for a bailed-out US bank to pump more money into a Chinese bank, sources have said.
'We confirm we will be taking up BoA's rights entitlement in CCB,' a Temasek spokesman told Reuters.
By taking over BoA's rights, Temasek, which already owns about 6 per cent of CCB, will have to invest an additional US$1.5 billion to US$1.6 billion in the Chinese lender.
CCB is offering 0.7 shares for every 10 existing shares at 3.77 yuan per A-share and HK$4.38 per H-share.
The price of the rights, first proposed in April, is about 43 per cent below CCB's Hong Kong-listed H shares that currently trade around HK$7.72 per share.
BoA, CCB's second-largest shareholder, has already indicated that it is unlikely to participate in the rights, news reports have said. A spokesman for Bank of America declined comment. -- REUTERS
