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Everbright Bank said to seek more key investors

07-25-2011 14:24 BJT

China Everbright Bank Co is seeking more institutional buyers for its Hong Kong share sale after getting commitments for about one third of the offering from key investors, Bloomberg reported Friday citing two people with knowledge of the deal.

Prudential Plc and United Overseas Bank Ltd (UOB) are among 12 so-called cornerstone investors who have agreed to buy about 30 percent of the 10.5 billion shares on offer, the report said citing the people, who declined to be identified because the information is private.

The sale may raise about $5.3 billion, based on the lender's closing price of 3.28 yuan (51 cents) in Shanghai on Thursday.

Everbright Bank's underwriters are seeking to sell at least 40 percent of the stock to cornerstone investors, said the people. Such buyers, typically funds, companies or wealthy individuals, are offered guaranteed shares in an offering in exchange for pledges not to sell the stock for a fixed period.

The Beijing-based bank delayed the sale in June as shares of Chinese lenders declined on concern that loans made to local governments may turn sour.

Editor:Wang Chuhan |Source: China Daily

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