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China Cinda to issue $3.2 bln of offshore preference shares

China Cinda to issue $3.2 bln of offshore preference shares

HONG KONG, Sept 25 (Reuters) - 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. (Reporting by Clare Jim; Editing by Mark Potter)

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