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China Investment sells some shares in Teck Resources
Global Banking & Finance Review®
Company
(Reuters) – China investment corporation (CIC) said on Tuesday its wholly-owned subsidiary, Fullbloom Investment Corporation, sold some of its shares in Teck Resources Ltd.
The company sold 3,000 Class B subordinate voting shares for gross proceeds of nearly C$169,000 ($127,720.68) at about C$56.30 apiece, CIC said.
CIC said the transaction was undertaken to adjust its portfolio.
Fullbloom now holds 50.8 million of Class B shares of Teck, or about 9.895% of the issued and outstanding Class B Shares.
($1 = 1.3232 Canadian dollars)
(Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Krishna Chandra Eluri)
A subsidiary is a company that is completely or partly owned and controlled by another company, known as the parent company. Subsidiaries operate independently but are subject to the parent company's oversight.
Class B subordinate voting shares are a type of equity security that typically grants shareholders fewer voting rights compared to Class A shares. They are often issued to raise capital while retaining control within a smaller group.
A portfolio adjustment refers to the process of changing the composition of an investment portfolio to align with an investor's financial goals, risk tolerance, or market conditions. This can involve buying or selling assets.
Market capitalization is the total market value of a company's outstanding shares of stock. It is calculated by multiplying the stock's current price by the total number of outstanding shares.
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