Jardine Matheson Holdings (JMH) has confirmed that a buying spree last week boosted its stake in Jardine Strategic Holdings (JSH) to 58 per cent.
It said yesterday it bought 30.43 million shares or less than 1 per cent in the market through subsidiary JMH Investments as 'a long-term investment'.
During the buy-back, rumours swept the market that the Jardine companies were planning to relist in Hong Kong after their shares underperformed others with similar investments. The rumours were denied.
Shares in JSH had fallen to as low as US$2.84 last week before the other Jardine firm entered the market.
JSH has a shareholding in JMH of 38.49 per cent and JMH shares rose by as much as 12 per cent last Friday because of the buying.
JSH shares yesterday fell six cents on the Singapore stock market to close at US$3.10.
