China government raises stake in ICBC by $81 million

HONG KONG, Oct 12 (Reuters) - Industrial and Commercial Bank of China said on Friday its biggest shareholder, the government-backed Central Huijin, had increased its shareholding in the Chinese lender by 127.6 million of the bank's Shanghai-listed shares.

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

The total value of the transaction was about 508 million yuan ($81 million), based on Reuters calculations on ICBC's closing share price on Friday. Huijin regularly increases its stake in the banks it own when share prices fall to boost investor confidence.

(Reporting by Kelvin Soh; Editing by Ron Popeski)



Keywords: ICBC HUIJIN/