The Commonwealth Bank of Australia (CBAt), the largest commercial bank in Australia increased its stake in China Telecom by 44.29 million shares, which accounted for 0.32% of the total in the largest fixed line telecom carrier in China. At present, it holds 6.31% stake in China Telecom, involving capital of H$125 million.
This is the second time that CBA is disclosed to increase its stake in China Telecom.
On September 28, it increased 50.58 million shares (or 0.36%) in China Telecom, making its shareholding ratio up from 4.79% to 5.15%. CBA paid $142 million for the deal.
CBA has become the third largest shareholder of China Telecom.
Presently, China Telecom Corporation, with a 70.89% stake, is the controlling shareholder of China Telecom, and Guangdong Rising Assets Management, with a stake of 6.94%, is the second largest shareholder.
Guangdong Rising is a wholly state-funded company holding and managing state-owned assets in the electronic and non-ferrous metal industries and the stake in China Telecom on behalf of Guangdong provincial government. In other words, CBA has become the largest non-state-funded shareholder of China Telecom.