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ICBC plans to pay 1.4 bln USD to make HK unit private

08-11-2010 08:54 BJT

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The Industrial and Commercial Bank of China says it will pay shareholders of its Hong Kong branch, a 27 percent premium to make it private.

The deal will cost the bank about 1.4 billion US dollars. The lender says further business growth may be limited by its branch's status as a listed company in Hong Kong. It believes privatization will allow its Hong Kong unit to have much greater flexibility to take advantage of the company's resources in future.

The bank says it won't raise the current offer price. If shareholders reject the offer, ICBC could opt for other fundraising methods such as a rights issue.

Editor:Xiong Qu |Source: CNTV.CN

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