Firm lifts bank stake

CHINA Merchants Holdings Co is lifting its stake in Union Bank of Hong Kong to 62.03 per cent, after increasing its holding of Union Bank's controlling shareholder, Modern Concepts, Union Bank says.

Sino Oiltools International agreed to sell 320,000 shares or 32 per cent of Modern Concepts, to China Merchants Steam Navigation Co (CMSN), a subsidiary of China Merchants Holdings Co.