Jun. 9, 2009 (China Knowledge) - Government of Singapore Investment Corp (GIC), a global investment management company established in 1981 to manage Singapore's foreign reserves, has cut its H-share holding in Sinopec Shanghai Petrochemical Co Ltd<600688><0338><SHI> to 4.8% from the previous 5.02%, according to the bourse operator Hong Kong Exchanges and Clearing (HKEx)<0388>.
Information from HKEx showed that GIC on Jun. 2 sold 5.06 million H-shares in Sinopec Shanghai for HK$14.64 million. The average share price of the transaction was HK$2.893 apiece.
Sinopec Shanghai reported net profit of RMB 164.07 million in the first quarter of this year, whereas it had losses of RMB 200 million a year earlier, according to an earlier report from China Knowledge.
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