China Cinda to issue $3.2 billion of offshore preference shares

China Cinda Asset Management Co said on Sunday it would issue $3.2 billion of non-cumulative perpetual offshore preference shares to replenish its additional tier-1 capital.
The shares will have a dividend rate of 4.45 percent, the company said in a statement.
Huarong International Financial Holdings said in a separate statement on Sunday it had been allocated $50 million of preference shares, while Cathay Financial Holding Co Ltd said on Friday it would acquire up to $300 million.
The issue is to "improve the overall competitiveness of the company and to ensure continuous business development of the company", Cinda said.