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China's PICC to raise $786 mln in rights issues

MarketWatch 11/30/2011 04:05
China's PICC to raise $786 mln in rights issues - China - Business


PICC Property & Casualty Co. said Tuesday it plans to raise HK$6.13 billion ($786 million) through rights issues in mainland China and Hong Kong.



The largest Chinese property insurer by revenue said in a statement that it intends to offer one rights share for every 10 existing shares, while the subscription prices are set at HK$5.50 each for Hong Kong-listed shares and CNY4.49 for shares in mainland China.

Proceeds after costs will total HK$6.08 billion ($780 million) and will be used to strengthen the insurer's capital base and to improve its solvency margin.


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