China Construction Bank said that it had received a notice on Monday that Bank of America is proposing to buy 19.58 billion H shares from China SAFE Investments through a call option this month. Although they did not say how much the US lender would pay, the exercise price per share should be 1.2 times what CCBs audited net asset value at the end of September.
The audited net asset value per share was revealed to be at 2.05 RMB (HK$2.33) so Bank of America had to pay 2.46 RMB or HK$2.80. CCB shares fell 0.72 per cent close to close yesterday at HK$ 4.11.
The shares that Bank of America is seeking will be locked up until 2011.
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