Saturday, March 29, 2008

Shaanxi Int'l Trust & Investment wins nod on private placement

Shaanxi International Trust & Investment Co (SITI)<000563>, China's first listed non-banking financial company, said today it has received green light from the China Banking Regulatory Commission on its non-public share issuance plan.

The medium-sized trust company said last September that it will issue 180 million new shares to no more than three institutional investors, in a bid to raise up to RMB 3 billion (US$428 million) to replenish the capital.

China Minsheng Banking Corp<600016> has agreed to spend RMB 2.34 billion to buy 143 million shares at the price of RMB 16.38 apiece. The 143 million shares will be converted to a 26.56% stake in SITI, making the Beijing-based lender to be the biggest shareholder in the company.

The deal is still subject to the approval from the China Securities Regulatory Commission.

SITI is mainly engaged in providing property, bonds and infrastructure trust services. It also offers wealth management services.

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