Two Middle Eastern sovereign wealth funds and Temasek Holdings have decided to spend in the Agricultural Bank of China. They have planned listing in Shanghai and Hong Kong.

It has been reported that the Kuwait Investment Authority and the Qatar Investment Authority will join the investment firm of Singapore, which are the main stake holders. However, no final commitments have done, as they are still in the process of negotiations.

The offering of AgBank, which is the third largest lender of China, is expected to be seeking between US$20 billion and US$30 billion. The bank is expected to allot some 29.2 billion shares in Hong Kong, and the remaining 47% shares in Shanghai.

Last week, the listing has received regulatory consent from Chinese and Hong Kong authorities. The stock market of Hong Kong has dropped about 10% since mid-April amid worries about the health of the Eurozone. They also prompted several corporations to abort Hong Kong share sales.

According to the credentials sent to shareholders on Monday, Agricultural Bank is planning to lift as much as $15bn in the Hong Kong portion of its IPO, even though the ending price range on the share sale will not be determined until June 24.