China Merchants Holdings share price soars
Amid speculation that it is preparing to gain 100 percent ownership of Hong Kong’s Modern Terminals, China Merchants Holdings (International) Co. Ltd., the largest container terminal operator in Mainland China, was twice asked by the Hong Kong Stock Exchange at the end of last week to explain sharp increases in its trading and share price.
The company’s share price on Friday closed at HK52.20 ($6.73), up 18.7 percent from HK$43.15 at close on Wednesday.
“We have noted the recent increases in the price and trading volume of the shares of the company and wish to state that we are not aware of any reasons for such increases,” the company said in identical statements made Thursday and Friday.
“We also confirm that there are no negotiations or agreements relating to intended acquisitions or realizations which are discloseable under rule 13.23, neither is the board aware of any matter discloseable under the general obligation imposed by rule 13.09, which is or may be of a price-sensitive nature.”
China Merchants already has 27 percent shareholding in Modern Terminals along with The Wharf (Holdings) Ltd. (68 percent) and Jebsen Securities Ltd. (5 percent), according to the Hong Kong company’s Web site.
Earlier last week, another China Merchants affiliate, Shanghai International Port (Group) Co., said it will raise its core revenue by RMB900 million ($120.3 million) by raising container handling fees at Waigaoqiao and Yangshan from the start of 2008