Everbright Bank to Raise $2.5 Billion Selling Shares to Parent
- Company to sell 4 billion new H-shares to Everbright Group
- Share-sale price is at 43 percent premium to last close
This article is for subscribers only.
China Everbright Bank Co., a unit of the state-owned Everbright Group, said it will raise HK$19.6 billion ($2.5 billion) to replenish core capital by selling new Hong Kong-listed shares to its parent.
The company will sell 4 billion H-shares at HK$4.8962 each, a 43 percent premium to the last closing price, according to a Hong Kong stock exchange on Friday. The stock was unchanged at HK$3.43 on Sept. 11, its last day before a suspension. Trading will resume in Shanghai on Monday and in Hong Kong on Tuesday.