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FINWIRES

ICBC Plans 100 Billion Yuan A-Share Placement to Boost Capital

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Industrial and Commercial Bank of China or ICBC (HKG:1398, SHA:601398) has proposed issuing up to 100 billion yuan in new A-shares to China's Ministry of Finance and China National Tobacco (CNTC) subsidiaries.

The proceeds will fully replenish the bank's CET1 capital, according to a bourse filing on Sunday.

The finance ministry intends to subscribe 70 billion yuan, increasing its stake from 31.14% to approximately 32.49%, while CNTC and its affiliates will collectively subscribe 30 billion yuan, gaining a combined 1.03% stake.

Shareholders will vote on the proposal at an extraordinary general meeting scheduled for Sept. 29.

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