Date
17 November 2017

Bank of Ningbo seeks 3.2 bln yuan from new shares, filing says

Bank of Ningbo Co. Ltd. (002142.CN) said in a regulatory filing Monday that it plans to issue up to 366 million new shares at 8.85 yuan (US$1.46) to raise funds from its two largest shareholders through private placement. The proceeds, estimated to be about 3.2 billion yuan, will be used to improve its capital adequacy and support sustainable development of various businesses. The largest shareholder, Ningbo Development and Investment Group Co. Ltd., will buy up to 43.29 percent of the new shares, while the second-largest shareholder, Singapore-based Oversea-Chinese Banking Corp. Ltd., will take the rest, the filing said.

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