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FINWIRES

Weihai Bank to Beef Up Tier-1 Capital with Share Subscription Deal

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Weihai Bank (HKG:9677) is looking to raise as much as 493.5 million yuan through the issuance of up to 150 million shares, according to a Sunday Hong Kong bourse filing.

The lender entered into a subscription agreement with Heng Yuan Holdings, which agreed to subscribe for the shares at 3.29 yuan apiece.

The subscription price represents a premium of about 26% over the stock's last closing price and about 27% over the five-day average closing price.

Net proceeds from the issuance will be used entirely to replenish the bank's core Tier 1 capital.

Heng Yuan is owned by Shandong Hengyuan Petrochemical and indirectly controlled by the Linyi County Government State-owned Assets Supervision and Administration Bureau.

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