Guangzhou Rural Commercial Bank (HKG:1551) decided to sell off certain credit assets and other assets for an initial estimated consideration of 10 billion yuan.
The lender will seek approval at an extraordinary general meeting for the transfer of authority, rights, and responsibilities related to the asset transfer, a Wednesday Hong Kong bourse filing said.
As of Sept. 30, the relevant assets' principal amount and accrued interest were 11.9 billion yuan and 2.7 billion yuan, respectively.
The assets to be transferred include the principal of loans and advances to customers, the principal of the creditor's rights involving guarantees, and the principal of the creditor's rights involving the mortgage.
The assets will be sold within 12 months of the approval of the transfer transaction.
The bank plans to use the proceeds from the transaction for its working capital.
The lender's closed nearly 3% higher on Thursday.
Price (HKD): $1.60, Change: $+0.040, Percent Change: +2.56%
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