Hunan offloads 1pc stake in FMGThe West Australian July 8, 2011, 12:47 pm tweet0EmailPrintThe West Australian ?
Chinese steel producer Hunan Valin has sold a one per cent stake in Fortescue Metals Group netting $206.4 million and reducing its stake from 16 per cent to 15 per cent.
In a change in substantial holding statement released today, the Chinese group revealed it had sold 32 million shares in an on-market transaction, or 1.02 per cent of its holding in the company.
The move follows Hunan's sale of a one per cent stake in FMG in November last year, which reduced its holding from 17 per cent to 16 per cent.
FMG shares were up 12 cents, or 1.88 per cent, to $6.50 at 12.45pm in a broadly firmer market.
ARH Price at posting:
22.0¢ Sentiment: Buy Disclosure: Held
