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BOC confirmed to sell a 5% stake to Temasek
www.chinanews.cn 2005-12-30 13:50:10
Chinanews, Dec. 30 - According to China Securities Journal, the Bank of
China (BOC) will submit its listing application to Hong Kong Stock
Exchange in early 2006. Sources from the bank revealed on Wednesday that
relevant documents for the application are ready. This 400-odd-page book
of application clearly includes Singapore's Temasek Holdings as one of
its strategic investors, saying it will acquire a 5% stake of the bank at
the public offering price. The mystery of Temasek's purchase of BOC stake
is finally unveiled after months of suspense.
This Singaporean company announced successively in August and September
this year to buy a 5.1% stake of the China Construction Bank (CCB) for
US$1.466 billion and a 10% BOC stake for US$3.1 billion. It also promised
to buy US$1 billion worth of new stakes of CCB at the public offering
price.
The US$5.5 billion is far from enough to satisfy Temasek's appetite for
China's banking sector. Insiders participating in CCB's strategic
investment invitation said that Temasek had planned to buy as high as a
20% stake of the bank and to increase the proportion to 40% at a later
time. Such ambition is far beyond the bottom line Chinese banks offer to
strategic investors.
The final result of Temasek's BOC stake acquisition indicates that
Chinese banks are mildly adjusting their policies of strategic investment
invitation, which will inevitably affect the Industrial and Commercial
Bank of China (ICBC) in its investment invitation.
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