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4-Traders Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Bank of China Limited    601988   CNE000001N05

End-of-day quote. End-of-day quote  - 05/05
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Temasek Raises US$2.48 Billion Through BOC, CCB Share Sales - Sources

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05/03/2012 | 02:38am CEST

Singapore state-investment firm Temasek Holdings raised US$2.48 billion by selling portions of stakes it holds in Chinese lenders Bank of China Ltd. (3988.HK) and China Construction Bank Ltd. (0939.HK) via placements, people familiar with the situation said Thursday.

Temasek sold 3.079 billion shares in Hong Kong-listed Bank of China at HK$3.13 each, representing the bottom end of a indicative price range of HK$3.13 to HK$3.18, or a 4% discount to Bank of China's Wednesday closing price of HK$3.26.

Also, Temasek sold 1.6 billion Hong Kong-traded shares in China Construction Bank at HK$5.99 each, representing the bottom end of a indicative price range of a HK$5.99 to HK$6.10, or a 2.8% discount to the stock's Wednesday closing price of HK$6.16.

China Construction Bank is the nation's No. 2 largest lender by assets, while Bank of China is No. 4.

Temasek is subject to a 90-day lock-up period, meaning the company isn't allowed to sell shares in either bank during that time, according to term sheets seen by Dow Jones Newswires earlier. Bank of America Merrill Lynch and Morgan Stanley are handling the placements.

The Hong Kong-traded shares of Bank of China have risen 14% so far this year, while those of China Construction Bank are up 13.7%. Both banks are also listed in Shanghai.

-By Prudence Ho and P.R. Venkat, Dow Jones Newswires; 852-2802-7002; prudence.ho@dowjones.com, venkat.pr@dowjones.com

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