SPDB BOARD APPROVES OF NEW SHARE OFFERING PLAN
AsiaInfo Services, February, 2008
AsiaInfo Services 02-28-2008 SPDB Board Approves of New Share Offering Plan SHANGHAI, Feb 28, 2008 (SinoCast via COMTEX) -- Shanghai-listed Shanghai Pudong Development Bank is going to issue not more than 1 billion new shares. The board of directors on February 26 approved the new share offering plan.
How many shares the bank is to sell will be decided according to the market conditions, said an executive, which may range between 700 million and 800 million shares. Raised fund will be used to replenish the bank's capital adequacy ratio, which is just 8 percent, the minimum regulatory requirement, due to the fast growing credit business. The board also primarily agreed to pay 2007 annual dividend of CNY 3 cash for each share. Analysts said the lender wants to win...
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