ICBC Will Seek Up to $6.6 Billion in Rights Offer @ Forex Factory

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ICBC Will Seek Up to $6.6 Billion in Rights Offer

Industrial and Commercial Bank of China Ltd., the world’s biggest lender by market value, said it will raise up to 45 billion yuan ($6.6 billion) in a rights offer to replenish capital. The bank will sell up to 0.6 shares for every 10 held, or as many as 15.06 billion shares in Shanghai and 4.98 billion in Hong Kong, according to a statement to the Shanghai stock exchange yesterday. The offer is subject to regulatory and shareholder approval, the bank said. ICBC’s board also approved a plan to privatize a Hong Kong unit, Industrial and Commercial Bank of China (Asia) Ltd., the statement said. The bank will announce the details after regulators review the plan, it said. China’s... Full Story

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