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Bank of China to raise 60 bln yuan in rights issue to replenish capital

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Xinhua reports, “Bank of China (BOC), the country’s fourth-largest lender by assets, said Friday it would raise up to 60 billion yuan (8.97 billion U.S. dollars) in a dual rights issue in Shanghai and Hong Kong stock exchanges to replenish capital.

In a statement filed to the Shanghai and Hong Kong stock exchanges, BOC said it will sell one share for every 10 existing shares and start taking subscriptions from existing investors on Nov. 3.

The new shares are priced at 2.36 yuan per share for A-share investors on Shanghai Stock Exchange or 2.74 HK dollars for H-share investors in Hong Kong, it said.

According to the lender’s equity structure, BOC will raise about 42 billion yuan (6.28 billion U.S. dollars) from A-share shareholders and 18 billion yuan (2.69 billion U.S. dollars) from H-share investors.”

Read more: Xinhua

Angolan Government Cancels Port Concession, Reviews Others

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Atlantic Ventures SA, which has ties to Isabel dos Santos (daughter to former Angolan president,) lost its concession rights to construct a US$ 1.5 billion port – the Barra do Dande port – near Luanda. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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