Fujian Cement to buy in rights issue of Industrial Bank
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
Published under Cement News
