Baring Asset cuts shareholdings in 2 Chinese firms

Published: 11 Aug 2009 01:19:31 PST

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Aug. 11, 2009 (China Knowledge) - Baring Asset Management Ltd, a global investment management firm, recently lowered its H-share holdings in two Chinese companies, according to the bourse operator Hong Kong Exchanges and Clearing<0388>.

On Aug. 5, Baring Asset sold 9.92 million H shares of China Oilfield Services Ltd<601808><2883> for HK$83.13 million or HK$8.383 apiece. The deal reduced Baring's stake in the Chinese company to 6.88% from the previous 7.52%.

Meanwhile, Baring Asset disposed of 1.28 million H shares of Dongfang Electric Corp Ltd<600875><1072> for HK$49.66 million at an average share price of HK$38.93, cutting its shareholding in the power equipment maker to 7.85% from the 8.6% it held earlier.