China Construction parent boosts stake, nearing halfway mark

China State Construction Engineering Corp (SSE:601668) announced that its controlling shareholder, China Construction Group Co., Ltd. ("CSCEC"), has continued to increase its stake in the company. As of the announcement date, CSCEC has cumulatively increased its holdings by 109,900,588 A-shares, representing approximately 0.27% of the company's total share capital. The total amount spent on these additional shares is approximately 610,710,613.04 RMB (excluding taxes and fees). Following these transactions, CSCEC now holds 23,841,442,525 A-shares, accounting for approximately 57.70% of the company's issued share capital. This increase is part of a previously announced plan (October 16, 2024) where CSCEC intends to increase its stake by between 600 million and 1.2 billion RMB over a 12-month period. The company cautions that unforeseen circumstances could impact the full execution of the buyback.