Bank of America will increase its stake in China Construction Bank to 10.75 per cent, the Chinese bank has announced.
The American bank will exercise a part of its call options to buy six
billion Hong Kong-listed CCB shares, increasing its stake to 10.75 per
cent. BoA will pay HKD2.42 per share to the state-run investment
company Huijin, which will still hold more than 65 per cent of China
Construction Bank after the deal.
The transaction will be completed in early June. The parties have
agreed that these newly bought shares cannot be sold before 29 August
2011 without CCB's prior agreement.
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Bank of America will increase its stake in China Construction Bank to 10.75 per cent, the Chinese bank has announced.
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