CCB plans stake sale
22/3/2004 16:53
China Construction Bank plans to sell shares valued at 50 billion yuan
(US$6 billion) this year in companies that had owed overdue loans to the bank,
the Beijing Times reported.
Citing CCB officials, the report said the bank
has set up a special work group to arrange the sale.
Though the bank hasn't
taken any effective moves for the sale, CCB is set to chop the bad assets in
preparation for its overseas listing, according to the officials.
Last year,
CCB managed to recover 5 billion yuan in cash by selling off its shares in some
key state-owned enterprises through assets rearrangement, share transfer and
stake redemption.
Jane Chen / Shanghai Daily news
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