Share sell-off nets $97m

DAH Sing Bank has received $97.8 million for selling 60 million existing shares of Hong Kong Industrial and Commercial Bank (HICB) to the People's Construction Bank of China. The amount was based on 40 per cent of the adjusted net asset value of HICB as at February 28 plus an agreed premium.

Under the agreement made in January, the Construction Bank will subscribe for 60 million new shares in HICB while Dah Sing will take up 90 million new shares.

HICB, to be renamed Jian Sing Bank, will have an issued share capital of $300 million, with 40 per cent held by the Construction Bank and 60 per cent by Dah Sing.