UBS raises stake in Mengniu Dairy to 6.07%

Published: 05 Nov 2009 01:08:10 PST

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Nov. 5, 2009 (China Knowledge) - Swiss investment bank UBS AG recently raised its shareholding in China Mengniu Diary Co Ltd<2319> to 6.07% from the previous 5.83%, according to the bourse operator Hong Kong Exchanges and Clearing<0388>.

Information from the HKEx showed that UBS on Oct. 30 bought 4.06 million shares in the Chinese company for a total of HK$89.6 million. The average share price of the transaction was HK$22.04 apiece.

Mengniu is China's biggest dairy products maker. Its net profit increased 13.55% year on year to RMB 662 million in the first half of this year due to the company's efforts to restore consumers' confidence for dairy products in the country, which was greatly affected by the milk scandal last year.

Shares of Mengniu rose 3.58% to end at HK$23.15 yesterday.