ICBC (Asia) to acquire parent Hong Kong branch assets for 3.0 bln hkd

HONG KONG (AFX-ASIA) - ICBC (Asia) Ltd said the bank has agreed to acquire the commercial banking business of parent Industrial and Commercial Bank of China's Hong Kong branch for a total of 3.0 bln hkd.	    In a statement, ICBC (Asia) said the bank will issue 2.12 bln hkd worth of new shares and convertible preference shares and about 580 mln hkd worth of subordinated debt, plus 300 mln hkd in cash, to the parent to satisfy the transaction.	    ICBC (Asia) said it will issue 80.44 mln new shares and more than 200 mln convertible preference shares to the parent. 	    The issue price for the new shares will range from 6.8-7.5 hkd each, representing a premium of 2.7 pct and a discount of 6.8 pct to the closing price of ICBC (Asia) shares on Friday.	    After the acquisition, the parent will hold about a 75 pct stake in ICBC (Asia), the statement said.

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