SINGAPORE (Sep 30): Oversea-Chinese Banking Corporation says it has completed the subscription of 207.5 million new shares in Bank of Ningbo Co today.
The placement price of RMB8.45 ($1.75) per share was adjusted from the RMB8.85 per share that was proposed on Jan 14 2014.
This is to account for the dividend that was paid during the year.
The total consideration for the subscription amounted to RMB1.75 billion ($362 million) and was funded with the OCBC Bank’s internal resources and satisfied in cash.
Bank of Ningbo is listed on Shenzhen Stock Exchange with a market capitalisation of RMB29.47 billion as at Sept 29.
The book value and net tangible asset value of Bank of Ningbo as at June 30 were RMB29.22 billion and RMB29.07 billion respectively.
The last transacted price of the Bank of Ningbo shares on the Shenzhen Stock Exchange as at Sep 29 was RMB10.22 per share.
Following completion of the share subscription, OCBC Bank’s aggregate equity stake in Bank of Ningbo has increased from 15.34% to 20% of the enlarged issued capital.
Bank of Ningbo has accordingly become an associated company of OCBC Bank.
OCBC closed 0.2% higher at $9.75 last evening.
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