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ABC may sell up to 53b shares in IPO
Date:2010/5/26      View:1300
Agricultural Bank of China(ABC) is set to issue up to 53 billion A and H shares, including greenshoe, in its $30 billion IPO in Hong Kong and China, a local newspaper reported on Monday citing market sources.

The proportion of A and H shares in the IPO has yet to be determined, Apple Daily said.

ABC, which plans to list in Hong Kong and Shanghai by July, forecast its earnings to be more than 80 billion yuan ($11.72 billion) for 2010, up about 30 percent from last year, the newspaper said. It gave no further listing details.

Over the weekend, the National Business Daily reported that ABC would hold its first assessment meeting -- for what would be the world's largest-ever initial public offering (IPO) --, on May 25.

If the meeting goes smoothly, the Bank would then submit a plan to to China's Securities Regulatory Commission on May 28. The paper did not give details on what type of plan would be submitted.

The National Business Daily cited a lawyer familiar with the IPO as saying ABC's application has entered a substantiative stage. The report did not mention any potential delays for the listing.

Last week, China's pension fund National Social Security Fund confirmed it has invested 15 billion yuan ($2.20 billion) in AgBank ahead of its IPO.

Speculation has grown that ABC could be forced to delay its IPO due to global stock market instability in the past few weeks.
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