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Gold/Mining/Energy : An obscure ZIM in Africa traded Down Under
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To: TobagoJack who wrote (767)4/30/2003 7:58:07 PM
From: TobagoJack   of 867
 
PetroChina surges on Buffett spree
Wednesday, April 30, 2003
ERIC NG
markets.scmp.com

PetroChina's shares surged 3.509 per cent yesterday after news that billionaire investor Warren Buffett's New York-listed Berkshire Hathaway had spent HK$1 billion to boost its stake from 0.9 per cent to 1.3 per cent in the company between April 17 and last Thursday.

Shares in China's largest oil producer ended the trading day at $1.77, as 186.93 million shares changed hands for a total of $331.06 million. The close was the highest since June 2001.

The trading volume has however come down from the 358.88 million shares traded last Thursday.

According to a disclosure filed at Hong Kong Exchanges and Clearing, Berkshire bought 176.58 million shares on April 17. No transaction price was revealed.

Assuming it was struck at the day's closing price of $1.67, it cost Berkshire $294.89 million.

The disclosure made yesterday of Berkshire's latest filing also revealed that the company had bought 162.08 million shares at $1.668 on April 22, 105.24 million shares at $1.67 each last Wednesday and 216.51 million shares at $1.61 last Thursday.

It is not known whether or how many shares Berkshire may have bought since Thursday, as it takes a few days for filings of substantial changes in a shareowner's holdings to be reported.
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