BERKSHIRE Hathaway, the investment firm controlled by US billionaire Warren Buffett, continued to trim its stake in BYD, selling 2.48 million shares in the Chinese electric-vehicle (EV) maker last month, the 10th time since August, reports Hong Kong's South China Morning Post.
The shares were sold for US$68.8 million on March 31 at an average price of HK$217.67 per share, according to stock exchange data. Following the divestment, Berkshire's interest in BYD has dropped to 10.9 per cent from 11.13 per cent and compared with 19.92 per cent when the Omaha, Nebraska-based investment firm began trimming its exposure last year.
berkshire has disposed of a total of 105 million shares in BYD since August 24, based on public disclosure. The firm bought 225 million shares in BYD at HK$8 (US$1.01) a piece during the 2008 global financial crisis, earning a 30-fold return over a 14-year holding period.
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The shares were sold for US$68.8 million on March 31 at an average price of HK$217.67 per share, according to stock exchange data. Following the divestment, Berkshire's interest in BYD has dropped to 10.9 per cent from 11.13 per cent and compared with 19.92 per cent when the Omaha, Nebraska-based investment firm began trimming its exposure last year.
berkshire has disposed of a total of 105 million shares in BYD since August 24, based on public disclosure. The firm bought 225 million shares in BYD at HK$8 (US$1.01) a piece during the 2008 global financial crisis, earning a 30-fold return over a 14-year holding period.
SeaNews Turkey
