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

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Temasek To Raise Up To US$2.5 Billion Via Selling Shares of BOC, CCB H Shares - Term Sheet

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05/02/2012 | 01:59pm CET

Singapore state-investment firm Temasek Holdings Pte. Ltd. is seeking to raise up to US$2.5 billion by selling its stakes in Chinese lenders Bank of China Ltd. (3988.HK) and China Construction Bank Ltd. (0939.HK) via placements, according to term sheets seen by Dow Jones Newswires.

Temasek unit Fullerton Financial Holdings Pte Ltd. plans to sell 3.079 billion shares in Hong Kong-listed Bank of China at a price range of HK$3.13 to HK$3.18 each, according to the first term sheet, raising up to US$1.26 billion. The sale price represents a 2.5% to 4.0% discount to Bank of China's Wednesday closing price of HK$3.26.

Also, Cairnhill Investments (Mauritius) Pte. Ltd., a unit of Temasek, is selling 1.6 billion Hong Kong-traded shares in China Construction Bank at a HK$5.99 to HK$6.10 price range, according a second term sheet, or up to US$1.25 billion. The price range reflects a 1.0% to 2.80% 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 the period, according to the term sheets. Bank of America Merrill Lynch and Morgan Stanley are handling the share 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, Dow Jones Newswires; 852-2802-7002; prudence.ho@dowjones.com

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Financials ( CNY)
Sales 2016 486 541 M
EBIT 2016 263 032 M
Net income 2016 166 318 M
Debt 2016 99 714 M
Yield 2016 4,83%
P/E ratio 2016 6,21
P/E ratio 2017 6,18
EV / Sales 2016 2,34x
EV / Sales 2017 2,29x
Capitalization 1 038 157 M
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 4,02  CNY
Spread / Average Target 15%
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NameTitle
Si Qing Chen Vice Chairman & President
Jun Li Chairman-Supervisory Board
Guo Li Tian Chairman
Qingsong Zhang GM-Accounting & Information & EVP
Wan Ming Liu Member-Supervisory Board
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CHINA CONSTRUCTION BAN..-2.25%188 270
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