Peregrine cuts stake

PEREGRINE Investments Holdings has reduced its stake in China Merchants Hai Hong by 3.71 per cent.

The investment bank told the stock exchange yesterday it had sold 26.17 million shares on Wednesday but did not reveal the price.

Peregrine bought about 11 per cent of Hai Hong's stake in mid-February.

Market players said the price was believed to be between $1.15 and $ 1.24.

Peregrine told the exchange early last month that it increased its interest in Hai Hong to 13.6 per cent on April 27.

Analysts said Peregrine now held less than 10 per cent of Hai Hong. They said Peregrine made a satisfactory profit with the move. Hai Hong closed yesterday at $1.30, up four cents per share.