Mobile operator China Unicom's state-controlled parent has bought back 50 million shares in the Shanghai-listed company as the government seeks to stabilise stock prices, an AFP report said.
China Unicom Group raised its stake in the company to 60.97% from 60.74% by buying back the shares, according to a filing with the Shanghai Stock Exchange.
China Unicom Group aims to increase its stake by up to 2% over the next 12 months, the statement said.
The AFP report further said the move comes after the government announced this week that it wanted to relax the rules for share buy-backs amid efforts to stabilise the stock market.
Beijing announced a package of policies last week to shore up the markets, including scrapping the stamp duty for buying shares and letting an arm of its sovereign wealth fund buy shares in three major state-run banks.
Source:telecomasia.net
