Chillin' out till it needs to be funded
How BofA’s CCB stake sale played out?
Temasek Holdings , a Singapore owned sovereign fund upped its stake from 8.10% to 9.42% buying $2.1 bln worth 377 mln of the
bank’s shares in Hongkong around Nov 10 while home investor China Investment Corp on the verge of splitting its domestic bank holdings into Huijin corp grew its stake to over 60% with another $1.5 bln worth of shares purchased in CCB from Hong Kong
Huijin purchased 277 mln shares of the bank to take its stake to 60.42% according to a WSJ report.BofA reported a $1.8 bln Capital gain on the last transaction sale of 4% committed directly in a bulk deal at the exchange both transactions were seemingly closed around Nov 10
Earlier the bank had reported a nine month profit of $21.7 bln on Oct 31 (now almost $22 bln at $1=Cn6.34) Shares hit a low of HKD 5.3 today in Hong Kong while Temasek’s purchase price was a good HKD 1 lower or $0.56 cents The Huijin purchase price works out closer to market at $0.64 cents while this week’s closing works out to $0.69 at HKD 7.789 per USD