BIZCHINA> Top Biz News
![]() |
Minsheng exits from Haitong Securities
(China Daily/Agencies)
Updated: 2009-06-26 08:15
China Minsheng Banking Corp, the country's first listed non-State lender, said yesterday it had sold its entire holdings in Haitong Securities Co for an estimated 5.46 billion yuan ($799.05 million), locking in profit. Minsheng had sold 381 million shares of Haitong, China's third-biggest brokerage, at an average price of 14.33 yuan apiece up to June 22, the Beijing-based lender said in a statement to the Shanghai Stock Exchange. Shares of Haitong Securities fell 1.46 percent yesterday to close at 16.23 yuan. The sale enabled Minsheng to realize a profit of 3.8 billion yuan from its five-year investment in Haitong, the China Securities Journal reported. Minsheng's attempts last year to sell down its holdings in Haitong through auctions failed, as few investors were willing to buy brokerage shares in a tumbling stock market. The bank has been urged by the regulator to sell its entire Haitong stake before June 29, as China's banking laws require lenders to sell any foreclosed loan collateral within two years of taking possession. The lender accepted 4.63 percent of Haitong between 2004 and 2005 as debt repayment, according to an earlier statement. Minsheng shares closed at 7.99 yuan yesterday in Shanghai, having nearly doubled so far this year thanks to a revival in the Chinese A-share market.
The banks involved in the offering are Bank of China International Ltd, China International Capital Corp, Macquarie Group and UBS AG, according to a source with direct knowledge of the matter. Shareholders of Minsheng earlier this week approved the bank's plan for a Hong Kong share offering, and the bank is expected to complete a share offering in Hong Kong by the end of this year. Minsheng said it hopes to use the proceeds from the offering to beef up its core capital adequacy ratio to about 9 percent from 6 percent now. The lender expects to issue up to 15 percent of its expanded capital, or up to 3.32 billion shares. There will be a green-shoe option to increase the issue by an additional 15 percent. (For more biz stories, please visit Industries)
|
主站蜘蛛池模板: 新绛县| 上高县| 兴业县| 依安县| 曲周县| 石棉县| 台江县| 洪洞县| 栾城县| 宜丰县| 佛冈县| 高清| 安远县| 瓮安县| 大渡口区| 洱源县| 安西县| 句容市| 庆元县| 衡水市| 长治县| 客服| 碌曲县| 尉犁县| 三都| 邯郸市| 澄江县| 兴隆县| 白河县| 眉山市| 开平市| 永新县| 繁昌县| 离岛区| 靖远县| 互助| 清水县| 襄樊市| 盘山县| 介休市| 重庆市|