Major Shareholders Cut Stakes In Tibet Galaxy Science & Tech Development - ResearchInChina

Date:2011-08-12liuhongli  Text Size:

July 15 -- Sichuan Everbright Golden Link Industrial, majority shareholder of beer manufacturer Tibet Galaxy Science & Technology Development (000752), sold 43.56 million shares or a 16.52-percent stake in the listed company between October 29 2010 and July 13 2011, reports China Business News, citing a company filing.

Fan Zhiming, the effective controller of Everbright Golden Link, said the company will not sell more than five percent of the listed company’s total share capital after today.

Everbright Golden Link now holds 34 million shares in Tibet Galaxy, accounting for 12.89 percent of the company’s total share capital.

Tibet State-owned Assets Management, the second-largest shareholder of the brewer, also sold a 5.29-percent stake in the company between August 14 2010 and today.

Tibet State-owned Assets Management now holds 32.3 million shares in Tibet Galaxy, accounting for 12.25 percent of its total share capital.

Since shares of the Lhasa-based brewer have leaped 210 percent over the past six months, many large shareholders of the company cashed out their investment during that period.

Tibet Galaxy established a joint venture to develop rare earths earlier this year. The new entity has registered capital of 750 million yuan, in which Tibet Galaxy holds a 26.67 percent stake.

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