China government raises stake in ICBC by $81 million


HONG KONG, Oct 12 (Reuters) - Industrial and Commercial Bankof China said on Friday its biggest shareholder, thegovernment-backed Central Huijin, had increased its shareholdingin the Chinese lender by 127.6 million of the bank'sShanghai-listed shares.

The purchase was completed on Oct. 9 and represent 0.037percent of the bank's total share capital, ICBC said in astatement. The world's biggest bank by market value also said ina separate statement that Huijin bought an additional 4.7million shares on Oct. 10.

The total value of the transaction was about 508 millionyuan ($81 million), based on Reuters calculations on ICBC'sclosing share price on Friday. Huijin regularly increases itsstake in the banks it own when share prices fall to boostinvestor confidence.

(Reporting by Kelvin Soh; Editing by Ron Popeski)


Messaging: kelvin.soh.reuters.com@reuters.net))

Keywords: ICBC HUIJIN/

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