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Bank of China board sets March 19 shareholders' meeting to seek OK for RMB 40 billion convertibles
By Jennifer Chiou
New York, Jan. 27 - The board of directors of the Bank of China Ltd. announced an extraordinary general meeting on March 19 to obtain shareholder approval for its previously announced up to RMB 40 billion issue of six-year convertible bonds.
The bonds - first announced on Jan. 22 - will be convertible into class A shares of the bank and will bear interest at up to 3% per year.
The exact terms have not yet been determined.
Holders may convert their securities six months after issue, and the Bank of China may call the convertibles if its shares exceed 130% of the conversion price for 15 trading days out of any 30 consecutive trading days.
The issue is still awaiting authorization from relevant authorities.
Proceeds are earmarked for the bank's capital base and for working capital.
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