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CSR executives buy shares to bolster price

08-16-2011 14:45 BJT

Some senior executives at China South Locomotive and Rolling Stock Corp Ltd's (CSR) have recently bought the company's Shanghai- and Hong Kong-listed shares, in an apparent attempt to bolster battered stock prices ahead of a planned $1.7 billion fundraising, Reuters reported.

CSR, whose share prices were hit by the deadly July 23 train crash, said in an exchange statement on Tuesday that 12 executives, including Chairman Zhao Xiaogang and Vice Chairman Zheng Changhong, bought a combined 544,100 shares at prices ranging from 5.36 yuan (83 cents) and 5.46 yuan on Aug 12 and Aug 15.

In addition, independent non-executive director Cai Dawei bought 50,000 CSR shares in Hong Kong at an average price of HK$4.74 (61 cents) on Aug 8, while two other non-executive directors plan to buy some Shanghai-traded CSR shares in the near future, according to the statement.

All the executives have agreed not to sell the shares within three years after purchase.

CSR, which plans to sell up to 1.83 billion shares at 6.02 yuan apiece to select investors including China's social welfare fund, has delayed shareholder voting on the scheme until Sept 29 due to the train accident and volatile global markets.

CSR's Shanghai-listed shares have slumped nearly 20 percent during the past three weeks, closing at 5.43 yuan on Monday, in the aftermath of a high-speed rail crash that killed 40 people and triggered public fury, unusually critical media coverage and a freeze on approvals for new railway projects.

Editor:Yang Jie |Source: China Daily

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