Bocom to tap market for 33b yuan

Bank of Communications, the fifth-biggest lender on the mainland, plans to raise 33.07 billion yuan (HK$37.73 billion), of which 17.5 billion yuan would be from issuing A shares and 15.57 billion yuan from H shares. The shares will be sold to existing shareholders at a ratio of 1.5 shares for every 10 shares held, and the funds will be used to boost its capital base. The issue price will be 4.50 yuan on the mainland, and the HK dollar equivalent in Hong Kong. The bank's shares last traded at 6.39 yuan on the Shanghai exchange and HK$8.19 in Hong Kong. An online marketing roadshow is scheduled to be held tomorrow on the share offer.