Shenzhen-listed Guangdong Expressway will pay 528 million yuan for 240 million new shares of the bank at the same price, according to a stock exchange filing.
"The other six financial investors are major State-owned enterprises," the bank executive said, but declined to name the companies as the sale is awaiting regulatory approval.
The tie-ups are subject to a lock-up period of three years, during which Everbright Bank expects to forge strategic relationships with investors by providing deposit, settlement, financing and bond issuance services, he said.
The stock sale comes at a time when the bank is stepping up efforts to float an initial public offering on the mainland bourses. Analysts said institutional investors could expect bumper returns if the lender goes public in the near future, as the current stake sale is at a very low price.
"We are expecting to get listed as early as next year, as we have submitted our IPO related documents to the regulators for approval," the bank executive said.
Central Huijin Investment Co, a unit of China's $200 billion sovereign wealth fund, controls 71 percent of Everbright Bank. Everbright Group and its affiliates own 13.8 percent, with other corporate investors holding the balance.
(China Daily July 23, 2009)
