Jul
22
Bank of Communications to Sell $2.45 Billion of Preference Stock
ByBank of Communications Co. plans to sell $2.45 billion of perpetual offshore preference stock to build up its capital.
The net proceeds from the offering will be about 14.93 billion yuan ($2.4 billion), the bank said in a statement Thursday to the Hong Kong stock exchange. The preference share will have a dividend rate of 5 percent a year, it said.
The proceeds will be “used to replenish the bank’s additional Tier 1 Capital,” Bank of Communications said.
Link to Statement:Link…
Bank of Communications to Sell $2.45 Billion of Preference Stock
