Li pair buybacks set to continue

Business | Avery Chen 5 Oct 2018

Billionaire Li Ka-shing and his son Victor Li Tzar-kuoi have spent about HK$340 million on a third purchase of shares in CK Asset (1113) within the last two weeks.

The buyback was in line with analysts' expectations, who also expect them to further increase their stakes in CK Asset.

A company in which the father and son each own a 50 percent shareholding has bought a total of 3.85 million shares of CK Asset on September 26, September 27 and October 2 this year at an average price of HK$59.97, HK$59.94 and HK$57.83, respectively.

Also, Li Ka Shing Foundation purchased 2.01 million shares of CK Asset (1113) on Tuesday at an average price of HK$57.56 per share.

After these moves, with a total investment of more than HK$1.5 billion, Li Ka-shing's interest in CK Asset has increased from 32.65 percent to 32.81 percent while Li Tzar-kuoi has raised his stake from 32.72 percent to 32.88 percent.

Li Ka-shing has always expressed that holding the company's shares represents his confidence in its prospects and his confidence in Hong Kong, according to the company.

The tycoon said in March this year that he has never sold his shares over the past 20 years and the so-called divestment strategy is completely untenable.

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