Date
18 August 2017

China Cosco sells 13.68 bln yuan of CMB shares, paper says

China Cosco Holdings Co. Ltd. (01919.HK, 601919.CN) is believed to have cashed in nearly 13.68 billion yuan (US$2.2523 billion) through the sale of 1.133 billion A-shares of China Merchants Bank Co. Ltd. (03968.HK, 600036.CN) on Monday, the China Securities Journal reported. The shares are said to have been sold at 12.07 yuan apiece on average on the Shanghai Stock Exchange. As of the end of the third quarter, China Cosco held 1.574 billion A-shares of China Merchants Bank and was the lender’s third-largest shareholder. Even after the latest sale, Cosco chairman Ma Zehua will remain as a non-executive director of the bank, the report said.

– Contact HKEJ at [email protected]

EL/AC/RC

 

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