Gelonghui, May 13 | Guangzhou Agricultural Commercial Bank (01551.HK) announced that the Bank recently received a “Reply Letter from the Guangdong Regulatory Bureau of the China Financial Supervisory Authority on the redemption of 2019 overseas preferred shares”. The Guangdong Regulatory Bureau of the China Financial Supervisory Administration approved the Bank to redeem all 2019 overseas preferred shares of US$1.43 billion on the first interest rate reset date (that is, the fifth interest payment date) in accordance with the terms and conditions set out in the Overseas Preferred Stock Issuance Circular.
According to the conditions, the Bank plans to redeem all overseas preferred shares on June 20, 2024. The redemption price of an overseas preferred stock is the issuance price of the foreign preferred stock plus the total amount of dividends declared and unpaid for the period from the previous payment date (including that date) to the planned redemption date (excluding that date). As of the date of this announcement, the total priority amount for liquidation of overseas preferred shares was USD 1,430,000,000. The total redemption price for this redemption will be USD 1,523,744,444.44.