Goldman Sachs Group Inc. (GS) raised $1 billion by selling further its stake in Chinese lender Industrial & Commercial Bank of China Ltd., the Wall Street Journal reported, quoting two people with direct knowledge of the matter.
The U.S. bank sold 1.35 billion shares of the Hong Kong-listed company in a block trade at HK$5.77 per share, representing a 3 percent discount to the Chinese bank's closing price of HK$5.95 on Monday.
Goldman bought a 4.9 percent stake in ICBC in April 2006 for $2.58 billion, before the bank was listed in Hong Kong. Including the latest sale, Goldman has raised $8.6 billion by selling its shares in ICBC. It still has a small stake remaining in the Chinese bank.
GS slid 0.2 percent on Monday to close at $144.15.
For comments and feedback: editorial@rttnews.com