Temasek to put in $2b in CCB privileges

CCBTemasek Properties has established that it will put in an added $2 billion in China Construction Bank (CCB) by taking on Bank of America's (BofA) complete prerogative in the rights issue of China's subsequent - biggest lender.

CCB arranges to lift up to 61.6 billion yuan ($12 billion) during this month in Asia's largest rights issue exterior to Japan to hold up capital subsequent to an industry-wide offering spree previous year.

CCB's subsequent -biggest shareholder, BofA, with only fewer than 11 per cent, will not take part in the proffering and has been searching for a purchaser for its privileges prerogative.

By getting above BofA's rights, Temasek that by now holds approximately 5.7 per cent of CCB shall put in approximately 10.3 billion yuan, or $2 billion, in the Chinese lender.

According to Jeffrey Fang, Temasek spokesman did not express how much its bid in CCB will augment as a outcome of the contract.