BRIEF: Majority shareholder boosts stake in China Hongqiao
Aluminum producer China Hongqiao Group Ltd. (1378.HK) said on Monday that 21 million of its shares were purchased that day by its parent, China Hongqiao Holdings, for an average price of HK$26.464, representing a total consideration of HK$556 million ($71.28 million).
The acquired shares account for 0.21% of the company’s total issued share capital, lifting China Hongqiao Holdings’ stake to 62.31%. China Hongqiao Holdings is principally owned by current Chairman Zhang Bo.
China Hongqiao Holdings said that the listed China Hongqiao’s current share price fails to reflect the company’s intrinsic value, adding that it does not rule out the possibility of further stake increases in the future.
Shares of China Hongqiao opened flat at HK$26.78 on Tuesday. The stock is down over 30% from its 52-week high.
By Lau Chi Hang
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