Bank of Communications' (HKG:3328, SHA:601328) unit, Bank of Communications (Hong Kong), plans to convert its retained earnings of up to HK$7.1 billion into its capital stock, according to a Shanghai Stock Exchange filing on Monday.
The Chinese lender's board of directors approved the proposal.
After the transaction, BOC HK's share capital will increase to HK$45 billion from HK$37.9 billion. The parent will maintain its wholly-owned controlling holdings in BOC HK.
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