Bank of Communications updates on share issuance, whitewash waiver

Bank of Communications (HKEX:3328) has released updated information regarding its proposed issuance of A Shares under a specific mandate and its application for a whitewash waiver. According to the announcement, the Ministry of Finance is set to become the largest shareholder. Post-issuance, assuming full subscription, the Ministry of Finance would hold 30,639,434,777 shares, representing 34.80% of the total. CNTC's shareholding, through its subsidiaries, would be 3,233,723,504 shares, and CDIC would hold 454,431,687 shares.The success of the A Share issuance and the whitewash waiver hinges on approvals, including from independent shareholders.