Quamnet.com
16 Jul 2008
HONG KONG (XFN-ASIA) - CITIC Resources Holdings was sharply lower after its second single largest shareholder, Singapore's state-owned Temasek Holdings, cut its stake in the firm.
The stock was down 0.16 hkd or 5.0 pct at 3.04, extending yesterday's 7.25 pct fall.
Temasek sold a total 121.0 mln shares in CITIC Resources last week, reducing its shareholding to 11.47 pct from 13.82, according to a disclosure to the stock exchange.
Temasek disposed 32.89 mln shares at an average price of 3.2 hkd per share on July 9, following a sale of 88.12 mln shares at the same price on July 7, raising a total 387 mln hkd
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