21 June 2019

Port may buy 4.6 bln yuan stake in Bank of Shanghai, filing says

Shanghai International Port (Group) Co., Ltd. (600018.CN) said its board has agreed to acquire up to 4.6 billion yuan (US$757.44 million) worth of shares in Bank of Shanghai Co. (BOS) through private placement, according to a stock exchange filing late Monday. BOS announced plans early last month to issue up to 470 million new shares, or less than 10 percent of the total share capital, via private placement, without disclosing the acquirer. The Shanghai port group’s offers could cover almost all of the new shares, the report said. The deal is awaiting regulatory approval.

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