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Pudong D chaussure shox ev't Bank approved of private placement plan

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Pudong D chaussure shox ev't Bank approved of private placement plan
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Pudong Dev't Bank approved of private placement planPublished: 25 Aug 2009 17:24:32 PST

Aug. 26, 2009 (China Knowledge) - Shanghai Pudong Development Bank<600000>, partly owned by Citigroup Inc, has obtained approval from the China Securities Regulatory Commission for a private placement of A shares, according to the Chinese lender's statement filed with the Shanghai Stock Exchange.

However, the size of the issuance was not disclosed.

In May, shareholders of the Shanghai-based bank gave nod to a proposal of raising RMB 15 billion through A share placement to institutional investors and another RMB 15 billion by issuing subordinate bonds, in a bid to replenish its working capital.

As of the end of March 2009, the bank's capital adequacy ratio stood at 8.72% and its core capital adequacy ratio fell to 4.84%. It is estimated that its capital adequacy ratio and core capital adequacy ratio will be not less than 10% and 6% respectively at the end of the year if the financing plan works well.

Shares of Shanghai Pudong Development Bank plunged 6.98% to RMB 20.78 on Tuesday.