Fujian Cement to buy in rights issue of Industrial Bank

Fujian Cement to buy in rights issue of Industrial Bank
Published: 01 June 2010

Fujian Cement Inc announced on Friday that it plans to spend CNY15m to buy the rights issue of Industrial Bank Co Ltd.

The cement producer said in a statement filed with the Shanghai Stock Exchange that it will buy 415,800 rights issue by Fujian-based lender. Industrial Bank announced earlier that it plans to raise up to RMB18bn via a rights issue to boost its capital base. The lender will issue two new shares for every ten existing shares.

In 2009, Fujian Cement suffered a loss of RMB 96.15m, and saw its operating revenue drop 6.74% year on year to RMB1.15bn.

Source: China Knowledge