Strategi collier c shareholder offloads 100 mln shares of CCB

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Strategi collier c shareholder offloads 100 mln shares of CCB
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Strategic shareholder offloads 100 mln shares of CCBPublished: 17 Mar 2009 01:47:55 PST

Mar. 17, 2009 (China Knowledge) - A strategic shareholder of China Construction Bank Corp (CCB)<601939><939> reaped HK$405 million after placing 100 million shares through UBS during the midday break at HK$4.05 apiece, a discount of 2.6% to the lender's closing price of HK$4.17, the Shanghai Daily reported.

Reportedly, a Chinese strategic partner offloaded the 100 million CCB shares. A spokesman with the bank noted the transaction but refused to provide detailed information.

Strategic shareholders including Bank of America (BOA) and the Singaporean state-owned investment company Temasek were also expected to sell their shares, although the two said they would not reduce their stakes in CCB before May 7.

BOA and Temasek has 39 billion and 13.5 billion H-shares available for sale, respectively. The U.S. lender also has 25.5 billion H-shares that will become tradable from August 2011.

In addition, Goldman Sachs, Allianz and American Express Industrial are expected to offload their stakes in mainland lender Industrial and Commercial Bank of China (ICBC)<601398><1398> in March this year.

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