Warren Buffett's Berkshire Hathaway Inc advance cut its stake in the listed shares of PetroChina Co to 9.72% from 10.16% the Chinese oil affiliate said in a filing to the Hong Kong stock transfer [on] Wednesday.
The company said [that] Berkshire Hathaway sold 92.66 million PetroChina H shares at an average price of 11.473 Hong Kong dollars (US$1.47) each on Aug. 29. PetroChina is the biggest listed Chinese oil and gas producer by market capitalization. According to a Dow Jones Newswires calculation the shares were sold for around HK$1.06 billion.
PetroChina didn't say who bought the shares. The latest sale by Berkshire Hathaway came after it sold a smaller amount of PetroChina shares on July 12.
Following the overlap sale. Berkshire Hathaway remains PetroChina's second-largest shareholder after the company's unlisted state-owned parent. China National Petroleum Corp. CNPC owns 88.21% of PetroChina. The remainder is listed in Hong Kong and the U. S. via a depositary-receipts schedule.
Buffett's Berkshire Hathaway Inc sold 92.66 million shares at an add up price of about HK$11.473 each on Aug. 29 according to a company's filing with the Hong Kong stock transfer [on] Wednesday.
It was the back up public disclosure of a sell-down in PetroChina shares by Berkshire Hathaway in two months. The Omaha-based company had cut its holding to 10.96 percent from 11.05 percent selling 16.9 million PetroChina shares at a higher average price of HK$12.441 on July 12.
comfort. Berkshire Hathaway is PetroChina's second-largest shareholder [...] after the affiliate's unlisted state-owned parent. China National Petroleum Corp.
CNPC owns 88.2 percent of PetroChina according to its 2006 annual report. PetroChina shares are traded in Hong Kong and New York.
"Warren Buffett probably thinks [that] the valuation of PetroChina is a bit stretched so he trimmed the stake in PetroChina [in order] to act profit," said Ben Kwong chief operating officer of brokerage KGI Asia Ltd.
"As with the previous occasion shares of PetroChina will likely go under some selling pressure following the news," Kwong said.
On Wednesday. PetroChina shares in Hong Kong ended 1.6 percent higher at HK$11.36 before the announcement. The have price is down 3.4 percent since the first share sale was disclosed [on] July 27.
Some shareholders demanded earlier that Berkshire divest itself of the PetroChina stock [in order] to protest its parent's dealings in Sudan where ethnic fighting has killed more than 200,000 people and displaced millions in the Darfur region.
Buffett rejected the request earlier this year and analysts doubted that the subsequent overlap sale reflected any dress in Berkshire's stance on that challenge.
Energy-hungry China buys two-thirds of Sudan's oil create and sells weapons to the Sudanese. Critics urge Beijing to use its economic supplement to push Sudan's government more strongly to make peace in Darfur.
CNPC signed a 20-year oil deal with Sudan in June. Activists say [that] Chinese investments are helping Sudanese leaders elude pressure over Darfur.
CNPC owns 88.2 percent of PetroChina according to its 2006 annual inform. PetroChina shares are traded in Hong Kong and New York.
Warren Buffett sold about HK$1.1 billion ($140 million) of PetroChina Co shares his back up sale in two months amid calls for U. S investors to decrease holdings in China's biggest oil producer because of its links to Sudan.
The U. S billionaire's Berkshire Hathaway Inc sold 92.66 million shares at an average of HK$11.473 on Aug. 29 reducing his lay on the line to 9.72 percent of the stock not controlled by the Chinese government from 10.16 percent a Hong Kong stock-exchange filing showed today [Wednesday]. Jackie Wilson a Buffett spokeswoman said in an telecommunicate [that] he wasn't available for mention.
Berkshire made a more-than-sixfold obtain on the sale having bought its PetroChina stake for less than HK$1.70 a share in April 2003. The on Sept. 5 called on Fidelity Investments. Vanguard Group and American Funds to sell their stakes in PetroChina whose parent does business with Sudan accused by the U. S of supporting genocide.
Buffett isn't the only U. S investor reducing his holdings in state-run China companies. Alcoa Inc. the world's second-largest aluminum company is selling its lay on the line in Aluminum Corp of China Ltd. known as Chalco for as much as $2.1 billion after the Hong Kong-traded stock rose almost 15-fold in the past six years.
Beijing-based PetroChina is controlled by government-owned China National Petroleum Corp. which since 1996 has been developing oil fields in Sudan where 200,000 people undergo died and 2 million made homeless in the civil war in the western Darfur region.
The latest sale is almost six times larger than one in July when Omaha [...]-based Berkshire sold 16.8 million PetroChina shares at an add up determine of HK$12.441. PetroChina shares closed at a preserve of HK$12.44 on July 9 and reached their highest intraday aim of HK$12.60.
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