Agricultural Bank of China Plans Up to 160 Billion Yuan Private Placement to Bolster Core Capital

Stock News09-06

Agricultural Bank of China Limited (601288.SH) has unveiled a plan for a targeted A-share private placement, with the Ministry of Finance, China National Tobacco Corporation, and several of its provincial subsidiaries including Jiangsu, Zhejiang, Hubei, and Beijing Tobacco, along with Shuangwei Investment, slated as the subscribers.

The bank aims to raise no more than 160 billion yuan (including the amount), with all proceeds, after deducting issuance costs, to be channeled into strengthening its core tier-1 capital. The Ministry of Finance is set to subscribe for 130 billion yuan of the offering, while China National Tobacco Corporation has committed to a 100 billion yuan subscription.

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