- Fed Tweaking Plan to Pull Money Back out of Economy
- US to Push Mortgage Lenders to Modify More Loans
- Cyber Monday: The Last Vestige of Dotcom Hype
- Governments Must Act to Avoid More Dubais: El-Erian
- Dubai Stocks Shed 7%, Abu Dhabi Tumbles 8%
- The World's Biggest Debtor Nations
- Fed Tweaking Plan to Pull Money Back out of Economy
- Scientists Gone Wild: Climate Debate Turns Nasty
- Regulators Compile Global List of 'Systemic Risk' Banks
- Cyber Monday: The Last Vestige of Dotcom Hype
- Dubai Fear is 'Noise'—Stay Fully Invested: Strategist
- Tech Comes to Holiday Shopping's Rescue?
- Timeless and Time-Tested Warren Buffett Watch Predictions
- Roginsky: The Botax Whose Time Has Come
- Buy or Hold: Analyst Rates 10 Retail Stocks
- Execs: Tis The Season To Take Control
- November Winners & Losers
- Farrell: Testing Those International Waters Again
MOST SHARED
- Dubai Stocks Shed 7%, Abu Dhabi Tumbles 8%
- Timeless and Time-Tested Warren Buffett Watch Predictions
- US Senator Opposes Fed Chief Bernanke Renomination
- Black Friday Sales Disappoint Investors; Amazon Up
- Governments Must Take Steps To Avoid More Dubais: El-Erian
- Dubai's Nakheel Seeks Suspension $5.25 Billion in Bonds
- Tiger Woods Wants to Protect Family Privacy: Agent
- Get Paid Six Figures to Wear a T-Shirt?
- BofA Aims to Clearly Spell Out Credit Card Terms
- Tamminen: Copenhagen And Beyond
Text Size 
U.S. investor Warren Buffett's Berkshire Hathaway sold more of its stake in top Chinese oil producer PetroChina in late August, selling about US$136 million worth of shares, as it took profits on what has been a lucrative holding.
Berkshire [BRK
Loading...
()
] sold 92.66 million shares at an average price of HK$11.473 on August 29, according to a regulatory filing in Hong Kong.
"He's selling into strength," said Dale Tsang, managing director at Imperial Dragon Asset Management. "He's taking his chips off the table slowly. PetroChina isn't a growth story anymore. A lot has been priced in already."
The sale follows Berkshire's disposal of 16.9 million PetroChina shares in late July, and cuts its holding of the state-controlled firm's freely tradeable shares to 9.72 percent, or 2.05 billion shares, from 10.16 percent.
Berkshire built up its stake in what has become the world's second most valuable oil company, behind ExxonMobil, in April 2003 at an average price of about HK$1.60 a share, meaning it made a return on the shares it sold of more than 600 percent.
Shares in PetroChina closed at HK$11.36 on Wednesday.
PetroChina's share price has risen about 35 percent over the past year on high oil prices and vigorous Chinese demand, although domestic rivals CNOOC and Sinopec have seen stock price rises of 56.5 and 76.5 percent over the same period.
Buffett earlier this year rejected a Berkshire shareholder's proposal to sell the PetroChina stake because of its parent's ties to Sudan. That decision also won support at a shareholder's meeting in May.
In another case of a big U.S. investor cashing out of a profitable Chinese investment, top aluminium maker Alcoa Inc was on Wednesday selling its entire stake in Aluminum Corp of China (Chalco) for up to US$2 billion -- a deal that could reap Alcoa a profit of US$1.9 billion.
Print
Email
- Ever wished your cab driver would stop chatting and just get to where you're going? Well, that moment is closer than ever.
- UPS is giving its customers the option to offset its carbon emissions when sending a package.
- Raising alligators is hard work, and the fickle taste of rich consumers has just made it much harder, says the NY Times.
- The continued real estate boom in China is partially fueled by a generational flood of newlyweds.
- From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
Data is a real-time snapshot *Data is delayed at least 15 minutes