Agricultural Bank of China plans up to RMB 80 billion preferreds

By Marisa Wong

Madison, Wis., Aug. 15 – Agricultural Bank of China Ltd. is proposing to issue up to 800 million preference shares with proceeds totaling up to RMB 80 billion.

Of the total amount, the company plans to issue no more than 400 million shares, for proceeds of up to RMB 40 billion, in 2014.

The China Banking Regulatory Commission approved the proposed issuance on Thursday.

The Beijing-based bank first announced plans to issue perpetual preferreds in May, as previously reported.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.