Investment bank Goldman Sachs has cashed out on its remaining H-share holdings in Industrial and Commercial Bank of China (ICBC), amid analysts’ concerns about loan quality and the economy.
It sold the stock for US$ 1.1 billion on May 20 for HK$ 5.47 to HK$5.5 per share. This represented a 2.5 to 3 percent discount on the closing price that day. The volume of shares accounted for 1.8 percent of ICBC’s stock issuance in Hong Kong.
This is the sixth time Goldman Sachs has sold ICBC’s stock. It acquired 7 percent of the Chinese bank for US$ 2.58 billion in 2006. Profits from selling those shares total US$ 6.5 billion, calculations by Securities Times after the latest sale show.
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Wang Duan via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/0RW_3sez9yA/
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