Controlling shareholder raises stake in Anhui Conch, China

Controlling shareholder raises stake in Anhui Conch, China
Published: 04 November 2010

Anhui Conch Cement Co Ltd announced that its controlling shareholder Anhui Conch Group has raised its shareholding in the company to 36.48%, sources reported.

In a statement filed with the Shanghai Stock Exchange, the company said that Anhui Conch Group bought a total of 28.90 million shares of the firm, via the Shanghai Stock Exchange system, thus raising the shareholdings to 1.29 billion shares.

Last week, Anhui Conch Cement announced that its net profit for the third quarter of this year surged 45.28% year on year to CNY1.36bn, boosted by rises in cement sales and cement prices, according to an earlier report from China Knowledge.