China Construction Bank (CCB) has won the approval of its shareholders to raise up to 75 billion yuan via A-share and H-share rights issues, China Business News reported Friday.

The fundraising plan still needs to be reviewed by the China Banking Regulatory Commission and the China Securities Regulatory Commission, said CCB Vice President Pang Xiusheng. According to Pang, the plan will be approved in two months.

Central Huijin Investment Ltd., CCB's largest shareholder, promised Tuesday to spend approximately 43 billion yuan in the bank's rights issues.

CCB, the country's second-largest state-owned bank, announced on April 29 that it plans to issue no more than 0.7 shares for every 10 shares held by shareholders. The bank is expected to issue a total of 16.36 billion shares, of which A-share issue accounts for 630 million shares and H-share issue accounts for 15.73 billion shares.

CCB's 2009 annual report showed that Central Huijin currently holds 57.09 percent of the bank. Other major shareholders include Bank of America and the Singapore sovereign wealth fund Temasek, holding 11 percent and 5.7 percent, respectively.

China's business press carried the story above on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy.

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