- CNTV English - CCTV News

Homepage > News > Biz >

ABC may price float at 2.7-3.3 yuan

06-24-2010 17:33 BJT

BEIJING, June 24 (Xinhaunet) -- Agricultural Bank of China (ABC) may price the Shanghai portion of its mega float between 2.7 yuan and 3.3 yuan per share, sources close to the underwriters for the deal said on Wednesday.

The Beijing-based bank wrapped up price consultations with potential investors on Wednesday and sources said several institutional investors have agreed to buy into ABC with a total investment of over $5 billion.

Sovereign funds from the Middle East have taken a big slice of ABC's upcoming share sales, with Qatar Investment Authority and Kuwait Investment Authority buying $2.8 billion and $800 million worth of H shares respectively, a source, who declined to be named, told China Daily.

"Capital-rich sovereign funds from the Gulf are keen on ABC's offering, as they prefer long-term investments and have reaped decent returns from their earlier investment in other Chinese lenders," he said.

The source said the existing shares owned by the bank's current shareholders, namely, the Ministry of Finance, Central Huijin and the National Social Security Fund would be listed as part of the Shanghai portion, and will not be transferred to the Hong Kong market, as there are no overseas strategic investors.

Other investors include Standard Chartered, Netherlands-based Rabobank, Australian media and investment company Seven Group Holdings, Singapore sovereign fund Temasek and a couple of Hong Kong tycoons.

China Life Insurance is likely to invest $800 million in the bank, and may also be one of the largest buyers of ABC's A shares, sources said.

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program