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Chong Hing Bank to issue rights; raises interim dividend

Chong Hing Bank Ltd. plans to issue new shares and raised its interim cash dividend for the six months ended June 30.

The bank plans to raise up to HK$5.15 billion by issuing up to 361,313,000 rights shares at a subscription price of HK$14.26 per rights share, according to an Aug. 14 news release. Each shareholder will be allotted one rights share for every two shares they hold.

The bank intends to use the net proceeds of the rights issue to strengthen its capital base and support ongoing business development.

The bank also raised its interim cash dividend for the six months to June 30 to 17 cents per share from the previous dividend of 15 cents per share. The dividend will be paid on Oct. 9 to shareholders.

Meanwhile, the lender said Zhu Chunxiu has resigned as nonexecutive director and deputy chairman, effective Aug. 15.

It appointed Chen Jing as nonexecutive director, effective Aug. 15. Chen Jing is the CFO and general manager of the finance department of Guangzhou Yue Xiu Holdings Ltd. and Yue Xiu Enterprises (Holdings) Ltd. She is also an executive director and CFO of Yuexiu Property Co. Ltd. and executive director of Yuexiu Transport Infrastructure Ltd.