JPMorgan cuts shareholding in Angang Steel to 9.81%

Jul. 1, 2009 (China Knowledge) - U.S.-based financial holding company JPMorgan Chase & Co on Jun. 23 cut its shareholding in Angang Steel Company Ltd<000898><0347> to 9.81%, according to information released by the Hong Kong Stock Exchange (HKEx).

JPMorgan sold 0.63% or 6.89 million H-shares of Angang Steel for HK$85.12 million or HK$12.35 apiece on average.

On Jun. 22, JPMorgan purchased 10.2 million shares in Angang Steel at an average price of HK$12.45. JPMorgan sold 9.81 million shares of Angang Steel for HK$13.04 apiece on Jun. 17.

On Jun. 4, JPMorgan cut its shareholding in Angang Steel Co Ltd<000898><0347> to 14.35% from the previous 15.83%, selling 16.02 million H-shares in the company for HK$223.36 million in total or HK$13.94 per share, China Knowledge reported earlier.

At the end of last month, Angang Steel predicted that its losses for the first half of this year will be RMB 2.99 billion at most.