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December 06 [Fri], 2013, 17:21
Buffett dr dre beats uk again cuts stake in petrochina


Investor warren buffett's berkshire hathaway(Brka)(Brkb)Sold a block of listed shares in petrochina for the fifth time in three months, dropping its stake in the company's share capital to 6.97%, according to a filing to the Hong Kong stock exchange Monday.

Berkshire hathaway sold 66.6 million PetroChina H shares Sept.21 at an average price of 11.99 Hong Kong dollars each, griffubrita the document showed.The total sale was worth around 798.7 million Hong Kong dollars($102.92 million).H shares refer to shares of mainland companies traded in hong kong.

This is the fifth time since july berkshire has publicly disclosed a sale of shares of petrochina the biggest listed chinese oil and gas producer by market capitalization.

Berkshire had owned a stake of more than 11% before it began the petrochina share sales.

Analysts said buffett will likely keep on trimming his stake in petrochina to take profits because the shares have risen high above 1.28 Hong Kong dollars the price he paid for the shares during PetroChina's initial public offering in Hong Kong in March 2000.

Shares of petrochina fell 3.4% Monday to 14.10 Hong Kong dollars, after hitting an intraday record of 15.28 Hong Kong dollars earlier in the day.

"I won't be too surprised if he(Buffett)Cuts his stake to 5% or even lower.He is making a windfall profit ahead of petrochina's"Sharelisting in shanghai, said duncan chan, an analyst at china construction bank international securities.

Petrochina spokesman mao zefeng said"This is a normal investor behavior. "

Mao declined to comment when asked whether buffett had given any prior notice to the company about his stake cut, and whether petrochina is worried more may come in the future.

Petrochina's share price has risen about 15% since midjuly, when buffett first cut his stake in the company.

Analysts said other investors have been buying petrochina stock on strong oil prices, the company's aggressive exploration program and the upcoming initial public offering in shanghai.

Buffett has been under pressure to cut ties with petrochina because of the company's investments in sudan.Its parent, china national petroleum, signed a 20year oil deal with sudan in june.Activists say chinese investments are helping sudanese leaders resist pressure over darfur.

Since july, buffett has scaled down his holding in petrochina from 11.05%.He has sold 249.3 million PetroChina H shares in five disclosed sales.

He has also apparently been cutting berkshire hathaway's share capital holding in petrochina in between the disclosed sales in sales that do not monster beats by dre require disclosure.Under the hong kong exchange regulation buffett is filing his disclosures, only reduction or increase of a stakeholding across a whole percentage number needs to be reported to the exchange.
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