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Parent lends a hand to lift holding
By Ye Zhen |
December 13, 2012, Thursday
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Print Edition
Print Edition
CHINA'S leading liquor maker Kweichow Moutai Co jumped the most in three months yesterday after the company said its controlling shareholder boosted its stake.
Kweichow Moutai rose 4.7 percent to 211.86 yuan (US$33.90), its biggest gain since September 4. Parent China Kweichow Moutai Distillery Co has bought 452,506 shares from the secondary market, accounting for 0.04 percent of its total equity, the Shanghai-listed company said in stock exchange statement.
The parent firm will continue to boost its stake by up to 1 percent of Kweichow Moutai's total equity in the next six months and will not cut its holdings during the period, the statement said.
The statement came after a separate announcement on Monday that test results from three quality inspection bodies showed samples made by Kweichow Moutai met national safety rules and didn't contain excessive levels of plasticizer.
Kweichow Moutai rose 4.7 percent to 211.86 yuan (US$33.90), its biggest gain since September 4. Parent China Kweichow Moutai Distillery Co has bought 452,506 shares from the secondary market, accounting for 0.04 percent of its total equity, the Shanghai-listed company said in stock exchange statement.
The parent firm will continue to boost its stake by up to 1 percent of Kweichow Moutai's total equity in the next six months and will not cut its holdings during the period, the statement said.
The statement came after a separate announcement on Monday that test results from three quality inspection bodies showed samples made by Kweichow Moutai met national safety rules and didn't contain excessive levels of plasticizer.
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