Warren Buffett Sells Part of PetroChina Shares
Sep 17th, 2007 by Martin Lee
Back in April 2003, Warren Buffett purchased about 10% of PetroChina for US$488 million at less than HK$1.70 a share. With the present share price above HK$11, this investment has turned out into a 6-bagger.
Amid calls for U.S. investors to reduce holdings in China’s biggest oil producer because of its links to Sudan, Warren Buffett sold about HK$1.1 billion ($140 million) of PetroChina Co. shares. A total of 92.66 million shares were sold at an average of HK$11.473 on Aug. 29, reducing Berkshire’s stake from 10.16 percent to 9.72 percent of the stock not controlled by the Chinese government.
This was his second sale in two months.
In July 2007, Berkshire sold 16.8 million PetroChina shares at an average price of HK$12.441.
There was no confirmation from Warren Buffett whether the sale was because of the Sudan connection or some other reason.
