December 15, 2008 / 3:16 AM / 10 years ago

Report of Bank of America's CCB share sale "untrue" - source

HONG KONG, Dec 15 (Reuters) - A Hong Kong newspaper report that Bank of America (BAC.N) plans to sell some of its China Construction Bank (0939.HK) shares is untrue, a source close to the Chinese bank told Reuters on Monday.

But the source, who declined to be identified due to the sensitive nature of the issue, would not give other details.

Bank of America, which currently owns 44.71 billion H-shares or 19.13 percent of the issued share capital of China Construction Bank, aims to sell some of the Chinese bank shares at more than a 10 percent discount to raise up to $3 billion, Apple Daily reported, citing market sources.

Fund managers also said they had not received any information relating to a possible sale of CCB shares.

China Construction Bank’s Hong Kong-listed shares eased 2 percent on Monday morning to HK$4.50, while the Hang Seng index .HSI rose 3.5 percent. CCB shares had fallen more than 30 percent so far this year to end at HK$4.59 on Friday. ($1=HK$7.8) (Reporting by Donny Kwok; Editing by Ken Wills and Lincoln Feast)

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