Warren Buffett’s investment firm Berkshire Hathaway sold 1.33 million shares of BYD, China’s biggest electric vehicle maker, for about HK$370 million ($47.15 million), according to with a document.
Berkshire has reduced its stake to 19.92% from 20.49% of BYD’s total Class H shares after the sale, according to a document released by the Hong Kong Stock Exchange on Tuesday.
BYD and Berkshire did not immediately respond to requests for comment.
The document confirms market speculation that Berkshire was reducing its multibillion-dollar stake in BYD, a company that more than tripled its first-half profit from a year earlier.
A 225 million-share stake in the automaker entered Hong Kong’s Central Clearing and Settlement System last month, with Citigroup serving as custodian, sparking the rumours.
Berkshire acquired 225 million shares of BYD in 2008, giving it a 7.73% stake, or 20.49%, of Class H shares, according to the automaker’s annual filing.
Berkshire said it paid $232 million for the shares.
Source: CNN Brasil
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