Credit Suisse International reduced its holding in cement and paper maker Semapa SGPS to 23,095,800 shares, equal to 19.52 per cent of capital and 19.98 per cent of voting rights, through the sale of 164,000 shares on Jan 3, Semapa said in a statement to CMVM, the Lisbon bourse regulator. CSI previously held 23,259,800 shares, amounting to 19.66 per cent of capital and 20.12 per cent of votes, the company added. The Swiss company sold the shares through a ’hedging’ operation on behalf of clients, Semapa said, without giving the price per share for the deal.

The Credit Suisse group bought 23,695,611 shares, representing 20.02 per cent of Semapa’s share capital and 20.50 per cent of voting rights, for Euro 158m from Cimpor Cimentos de Portugal SGPS through an over-the-counter trade at euro 6.07 per share in October. Credit Suisse said at the time it planned to sell the stake via a convertible bond issue maturing on May 4, 2009.
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