Cinda to is­sue $3.2b of off­shore shares

China Daily (USA) - - BUSINESS -

China Cinda As­set Man­age­ment Co said over the week­end it would is­sue $3.2 bil­lion of non-cu­mu­la­tive per­pet­ual off­shore pre­ferred shares to re­plen­ish its ad­di­tional tier-1 cap­i­tal. The shares will have a div­i­dend rate of 4.45 per­cent. Huarong In­ter­na­tional Fi­nan­cial Hold­ings said in a sep­a­rate state­ment it had been al­lo­cated $50 mil­lion of the pre­ferred shares, while Cathay Fi­nan­cial Hold­ing Co said it would ac­quire up to $300 mil­lion.

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