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HONG KONG (Dow Jones)--HSBC Holdings PLC (HBC) said Wednesday its wholly owned subsidiary, HSBC Asia Holdings BV, will subscribe to US$20.28 million worth of rights shares to be issued by Dar Es Salaam Investment Bank.
HSBC Asia Holdings will subscribe to 50.47 billion rights shares, its full entitlement of additional shares in the planned rights issue of new shares by the private bank in Iraq, HSBC said in a statement.
HSBC bought a 70.1% stake in the private bank in 2005. Dar Es Salaam Investment, which was established in 1998, is headquartered in Baghdad and is listed on the Iraq Stock Exchange with a market capitalisation of about US$400 million.
The subscription will be funded from internal group resources, HSBC said.
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HSBC Asia Holdings will subscribe to 50.47 billion rights shares, its full entitlement of additional shares in the planned rights issue of new shares by the private bank in Iraq, HSBC said in a statement.
HSBC bought a 70.1% stake in the private bank in 2005. Dar Es Salaam Investment, which was established in 1998, is headquartered in Baghdad and is listed on the Iraq Stock Exchange with a market capitalisation of about US$400 million.
The subscription will be funded from internal group resources, HSBC said.
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