JP Morgan Chase & Co has increased its shareholding in China National Building Material Co Ltd, which is Chin’s largest building and materials manufacturer, according to the Hong Kong Exchanges and Clearing Exchange (HKG:0388).
Information from Hong Kong Exchanges and Clearing indicate that JP Morgan bought 5.07 million in shares or a 0.43% stake in the Chinese company for HK$81.98 million on November 20th. The average share price of the transaction was HK$16.17. This transaction increase JP Morgan’s position in China National Building Material Co Ltd by more than 26.36%
This purchase is the third time that JP Morgan chase has increased its ownership in the Chinese company since September. During the most recent purchase, which took place on September 15th, JP Morgan Chase purchased 646,000 shares of China National Building Material at an average share price of $17.09.
China National Building Material’s revenue in 2008 was a total of RMB 26.4 billion ($3.86 Billion USD). The company’s net profit was about RMB 1.5 billion ($220 million USD), which represented a 65.7% increase from 2007.
