China Kelon Electrical Chairman Raises Stake to 26.4 Percent Jun 14, 2004

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The chairman of Guangdong Kelon Electrical Holdings Co. has increased his stake in the refrigerator maker to 26.4 percent from 20.6 percent, the company said in a statement.

Gu Chujun, through his vehicle Greencool Enterprise Development Co., had agreed to buy the additional 5.79-percent stake from a company called Foshan Shunde Xinhong Enterprise Co. He paid 1.70 yuan each for the 57.44 million legal-person shares, the statement said.

Under Chinese law, such shares can't normally be traded on the open market and are often sold at a discount to publicly traded shares.

Guangdong Kelon's Hong Kong-listed shares closed at HK$3.25 on June 11. (Dow Jones)

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