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Agricultural Bank of China plans up to RMB 80 billion preferreds
By Marisa Wong
Madison, Wis., Aug. 15 – Agricultural Bank of China Ltd. is proposing to issue up to 800 million preference shares with proceeds totaling up to RMB 80 billion.
Of the total amount, the company plans to issue no more than 400 million shares, for proceeds of up to RMB 40 billion, in 2014.
The China Banking Regulatory Commission approved the proposed issuance on Thursday.
The Beijing-based bank first announced plans to issue perpetual preferreds in May, as previously reported.
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