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Bank of China confirmed its IPO schedule
www.chinanews.cn 2006-04-05 17:46:40
Chinanews, Apr. 4 - An informed source of Bank of China (BOC) revealed
that the bank has recently confirmed its schedule for its initial public
offering (IPO) in Hong Kong. Starting from May 8, BOC will commence
global road shows under the leadership of BOC President Xiao Gang and
will officially list on the Hong Kong Stock Exchange (SEHK) on May 25.
It was learned from the informed source that after investment promotion,
BOC now has 202.98 billion shares. Central Huijin Investment Company
constitutes 164.32 billion shares, accounting for 80.95% of the total
while social security funds take up 7.27 billion shares, a proportion of
3.58%.
Foreign capital owns 31.39 billion shares, or a proportion of 15.47%.
Royal Bank of Scotland holds 18.64 billion shares, taking up 9.18% while
Temasek Holdings Limited holds 9.32 billion shares, making up 4.59%. UBS
AG's shareholding amounted to 2.98 billion shares at a ratio of 1.47%
while shareholding of Asian Development Bank totals 450 million shares, a
proportion of 0.22%.
BOC expects to sell around 11% of its stakes in the IPO and finance US$6
billion to US$8 billion.
The informed source also disclosed that based on the schedule worked out
beforehand, China Securities Regulatory Commission will officially
approve BOC's IPO in Hong Kong within this week. On Apr. 20, BOC will
undergo in IPO hearing of SEHK while from starting from May 8, BOC
President Xiao Gang will lead BOC's management to kick off global road
shows in Hong Kong, Europe and the United States. It is anticipated that
BOC will commence its IPO in Hong Kong in mid May and officially list in
the Hong Kong stock market on May 25th.
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