Money

ICBC declines in HK on rpt of planned $6.64b rights offer

(Agencies)
Updated: 2010-07-07 10:52

Related readings:  ICBC to sell $3.2b subordinated bond as early as August  ICBC plans 22b yuan in sub debt

Industrial and Commercial Bank of China Ltd, the world's biggest lender by market value, plans to raise as much as 45 billion yuan ($6.6 billion) in a rights offer, Ming Pao Daily News reported yesterday, citing unidentified people close to the deal.

The lender will offer 0.3 to 0.5 of a share for every 10 held in Shanghai and Hong Kong, the Hong Kong-based Chinese newspaper said. ICBC press officer Xie Taifeng couldn't immediately be reached for comment on his office or mobile phones before office hours.

ICBC fell in Hong Kong pre-market trading after the report. The stock dropped 1.4 percent to HK$5.59 on the city's stock exchange.