China Three Gorges Corporation (CTGC) increased its stake in China Yangtze Power by over 110 million shares between August 19, 2009 and January 26, 2010, accounting for 1 percent of the company's total share capital, the Shanghai Securities News reported today, citing China Yangtze Power.
CTGC, the controlling shareholder of China Yangtze Power, spent over 1.3 billion yuan for the stake purchase, the report said.
China Yangtze Power said its controlling shareholder would purchase no more than 2 percent of the company's total share capital between August 19, 2009 and August 19, 2010 and would not reduce its holding during the same period.
CTGC's share enhancement made China Yangtze Power's share prices climb amid the weak capital market.
China State Construction Engineering Corporation (CSCEC) also added its holding of China State Construction Engineering Corporation Limited in December 2009. CSCEC also said it may buy no more than 2 percent of China State Construction Engineering Corporation Limited's total share capital in one year.
