HONG KONG: New World Development chairman Cheng Yu Tung has paid about HK$109 million ($14 million) to lift his stake in casual wear chain Giordano International Ltd to 16.22 percent from 15.03 percent, the Hong Kong stock exchange said.
The Hong Kong tycoon on Wednesday bought 17.8 million more Giordano shares in his third acquisition this month at an average price of HK$6.13 apiece, according to a recent disclosure from the exchange.
Cheng bought 6.75 million and 218.36 million shares at average prices of HK$5.85 and HK$4.81, respectively earlier this month.
Cheng controls property conglomerate New World Development and also owns jewellery chain Chow Tai Fook.
Shares of Giordano surged 5.54 percent to close at record high of HK$6.67 on Friday, beating a 0.95 percent gain on the blue chip Hang Seng Index.
Last week Giordano reported a 26 percent rise in first quarter sales to HK$1.42 billion and its gross profit increased 29.6 percent to HK$823 million in the same period.
Copyright Reuters, 2011
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