Anhui Conch Cement Co Ltd, announced that its controlling shareholder, Wenzhou Conch Group Co, bought 978,382 A shares of the company yesterday, accounting for 0.06% of Anhui Conch’s total equity, sources reported.
After the deal, the group would hold 630 million shares of Anhui Conch, raising its stake in the latter to 35.72%.
The Capital Group Companies Inc recently cut its H-share holding in Anhui Conch to 5.7% from the previous 6.04%, according to an earlier report from China Knowledge.
Anhui Conch’s net profit was RMB 1.28 billion in the first half of this year, down 2% year on year. H shares of Anhui Conch Cement rose 2.65% to end at HK$54.15 on Wednesday, while A shares increased 4.84% to RMB 44.87.