Capital Group raises stake in China Shenhua Energy

Oct. 22, 2009 (China Knowledge) - The Capital Group Companies Inc recently raised its shareholding in China Shenhua Energy Co Ltd<601088><1088>, the country's largest coal producer, to 5.01% from the previous 4.98%, according to a statement filed with the Hong Kong Stock Exchange.

The Capital Group said that it bought 910,000 H shares of China Shenhua Energy for HK$32.2 million. The average share price of the transaction was HK$35.38 apiece.

China Shenhua Energy sold 189.6 million tons of coal in the first three quarters of this year, 10.4% more than that in the same period last year, China Knowledge reported earlier.

The company exported 9.9 million tons coal during the period. Its commercial coal output in the first nine months grew 15.2% year on year to 158.8 million tons.

In September alone, Shenhua Energy's coal sales were 23.6 million tons, up 22.3% year on year. The company's coal exports last month stood at 1.3 million tons, the same as the same period of last year.

A shares of China Shenhua Energy fell 0.6% to RMB 36.08 on Wednesday, while H shares edged down 0.9% and ended at HK$34.95.