Monday, December 22, 2008

Commonwealth Bank cuts holdings in CNOOC

Commonwealth Bank of Australia, the second largest bank in the country, has cut its shareholding in CNOOC Ltd<883> to 8.96% from 9.28% on Dec. 16, according to the bourse operator Hong Kong Exchanges and Clearing Ltd<388>.

The Australian lender has sold 4.846 million shares of CNOOC for HK$ 26.818 million. The average price of the share transaction was HK$ 5.534 apiece. At present, the Australian lender still owns 137.548 million shares in the Chinese offshore oil giant, compared with the previous 142.394 million shares.

Reportedly, Commonwealth Bank also sold 47.50 million H-shares in China Telecom<728> for HK$141 million, reducing its shareholding in the Chinese telecom operator from 7.03% to 6.69% on Dec. 3.

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