Jun. 26, 2008 (China Knowledge) - Chi Kin Yung, chairman of CITIC Pacific Ltd<267>, has raised his holdings in the company from 23.50% to 23.52%, according to CITIC Pacific's filing to the Hong Kong Stock Exchange.
Chi Kin Yung bought 305,000 shares at an average price of HK$30.011 a share, according to the announcement. Yung now holds 516.686 million shares in CITIC Pacific, after the latest purchase. CITIC Pacific's shares closed at HK$29 yesterday on the local stock exchange.
CITIC Pacific is the Hong Kong traded arm of China's biggest state-owned investment company. It plans to start operations of its iron ore project (US$4.9 billion) in Australia as early as 2010, reports said.
Earlier last month, the Hong Kong-based conglomerate announced plans to double its steel production capacity through acquisitions and technology upgradation, according to CITIC Pacific's annual general meeting held last month.
The Hong Kong-listed holding company is principally engaged in special steels manufacturing and iron ore mining. Its subsidiaries' major activities include building and operations of power plants and sale of electricity, tunnel operations, and production and supply of tap water, etc.
Through its subsidiaries, CITIC Pacific operates in seven segments - special steel, property, aviation, power generation, civil infrastructure, marketing and distribution, and communications.
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