Berkshire Hathaway sold another 1.7 million BYD H-shares
COMPANY NEWS STOCKS
Berkshire Hathaway sold another 1.7 million BYD H-shares
COMPANY NEWS STOCKS

Berkshire Hathaway sold another 1.7 million BYD H-shares

 

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Berkshire Hathaway sold another 1.716 million of BYD Co’s Hong Kong-traded shares on September 1, at an average price of HK$262.7 apiece, to cash out about HK$450 million, according to a filing to the Hong Kong Stock Exchange on Friday. After the sale, its stake in BYD lowered to 18.87% from previous 19.92%,

The move came after Berkshire Hathaway, owned by legendary US investor Warren Buffett, cut stake in BYD on August 24 for the first time in 14 years. The investor sold 1.33 million of BYD H-shares on August 24, at an average price of HK$277.1, which cut its stake in the carmaker to 19.92% from previous 20.04%.

Berkshire Hathaway spent $230 million buying 225 million shares of BYD at HK$8 per share in September 2008 and the shareholdings remained unchanged until last month.