Credit Suisse sells holdings in Anhui Conch Cement

Credit Suisse Group AG sold 805,174 shares in Anhui Conch Cement Co Ltd worth HK$ 21.95m (US$2.8m) on 23 June 2014, sources reported, citing information from the Hong Kong Stock Exchange.

After the sale, the Switzerland financial institution still holds 103.10m shares in the Anhui Province-based cement producer, accounting for a 7.93 per cent stake.

Earlier this week, Anhui Conch issued a positive profit alert saying it expects first-half net profit up about 90 per cent YoY compared to CNY3.06bn (US$492.75m) a year earlier. The advance is being attributed to increased product sales and prices.