Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Reports: Goldman Sachs Exits Remaining Stake In China's ICBC For $1.1 Bln

RELATED NEWS
Trade GS now with 

Financial services firm Goldman Sachs Group, Inc. (GS: Quote) has exited its entire stake in Chinese lender Industrial & Commercial Bank of China Ltd. or ICBC, with a $1.12 billion stake selldown, according to media reports on Monday.

The New York-based investment banking firm has sold its entire remaining stake of 1.57 billion Hong-Kong listed ordinary shares of ICBC, at the top end of its offering price range of HK$5.47 to HK$5.50 per share or $0.70 to $0.71 per share. The sale represents a 2.5 percent discount over ICBC's closing share price of HK$5.64 on the Hong Kong stock exchange on Monday.

Goldman Sachs, the fifth-biggest US bank by assets, has held a stake in Beijing, China-based ICBC since 2006, and has been exiting the entire stake in several tranches.

This sale is the third in the past one year as well as the sixth and final sale of ICBC shares since June 2009. Including the current sale, Goldman Sachs will have raised about $9.9 billion from several block trades of ICBC shares.

Goldman Sachs made the strategic investment of $2.58 billion in April 2006 for a 4.9 percent stake in ICBC, which was among the first investments by foreign investors in China. The investment in ICBC was made just months before the Chinese bank's mega initial public offering in Hong Kong in October 2006.

Earlier, Goldman Sachs has raised $1.0 billion in January 2013, $2.5 billion in April 2012, $1.1 billion in November 2011, $2.25 billion in September 2010 and $1.91 billion in June 2009.

The stake sale will help boost Goldman Sachs' capital positions in order to meet the requirements of Basel III regulatory banking standards, which went in force from January 1, 2013.

GS closed Monday's regular trading session at $158.90, up $0.72 or 0.46% on a volume of 4.01 million shares.

Register
To receive FREE breaking news email alerts for Goldman Sachs Group Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
A number of major retailers will be open on Thanksgiving for early Black Friday shopping events. Kohl's department stores will kick off Black Friday sales two hours earlier this year, at 6 p.m. Thanksgiving Day, while Macy's, Bon-Ton and Best Buy will open at the same time. J.C. Penney and Sears... Twitter Inc. has replaced its head of product Daniel Graf just six months after luring him over from Google, according to multiple reports. Graf, previously known for his work leading Google Maps, will retain his vice president of product title and work on Twitter's geolocation features, the Wall... LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that its third quarter loss widened slightly from last year, as higher costs and expenses more than offset a 45% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.