Anhui Conch Cement (600585,0914.HK) upped its stake in Tangshan Jidong Cement (000401) during the September-December period, purchasing a total of 60.69 million shares, or five percent of the latter's total equity, reports China Securities Journal, citing a company filing.
Through December 7, Conch Cement held a a total of 183 million shares, or a 15.05 percent stake, in Jidong Cement.
Conch Cement had purchased 9.34 million shares in September at prices ranging from between 14.88 yuan and 16.5 yuan per share, before acquiring another 13.35 million shares in October at 15.26 -16.5 yuan per share.
Conch Cement bought 17.95 million shares at 15-16.51 yuan per share in November, and bought 5.1 million shares at between 15 yuan and 15.9 yuan per share during the first five trading sessions in December.
Conch Cement had previously acquired shares of Jidong Cement in August 2008 and April 2010.
According to Anhui Conch Cement, the stake purchases were a commercial decision, and whether it will further up its stake in Jidong Cement in future will depend on the company's future development and the level of its share price.
Separately, Conch Cement had purchased equity stakes in Gansu Qilianshan Cement Group (600720), Fujian Cement(600802), Henan Tongli Cement (000885), Huaxin Cement (600801,900933) and Jiangxi Wannianqing Cement (000789) in 2008.
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