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Goldman Sachs buys more shares of ICBC

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2008-12-24 11:04

Goldman Sachs Group has increased its shares proportion in Industrial and Commercial Bank of China (ICBC) from 19.99 percent to 20.01 percent by buying 20.529 million of the bank's shares on the Hong Kong Exchanges and Clearing Ltd.

On Dec 17, Goldman Sachs bought the shares at a price of HK$ 4.309 to HK$4.35 per share with a total investment of about HK$88 million.

Goldman Sachs released a report on Dec 23 which said it would continue to rate the H shares of ICBC as "buy" and at a targeted price of HK$4.2.

H shares of ICBC dropped by 2.56 percent to close at HK$4.19 on Dec 23. As the overseas strategic investor of ICBC, Goldman Sachs invested about $2.58 billion to buy 16.48 billion shares of the bank in 2006, at a price of 1.26 yuan per share.