GE Asset raises stake in Chongqing Machinery
Published: 10 Aug 2009 20:11:44 PSTAug. 11, 2009 (China Knowledge) - GE Asset Management Incorporated, a wholly-owned subsidiary of General Electric Co, on Aug. 5 raised its stake in Chongqing Machinery & Electronics Co<2722> to 5.2% from the previous 4.95%, according to the bourse operator Hong Kong Exchanges and Clearing<0388>. Information from HKEx showed that GE Asset on Wednesday bought 2.76 million shares of Chongqing Machinery for HK$3.97 million. The average share price of the transaction was HK$1.44 apiece. On Aug. 4, DnB NOR Asset Management (Asia) Ltd, an arm of Norway's largest financial services group, DnB NOR ASA, bought 5 million shares of Chongqing Machinery for HK$7.74 million or HK$1.547 apiece, raising its stake in the Chinese company to 8.22% from the previous 7.76%. Shares of Chongqing Machinery rose 2.88% to close at HK$1.43 on Monday.
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