Three days after buying a controlling interest in Vanda Systems & Communications Holdings and installing Canning Fok Kin-ning as chairman, Hutchison Whampoa sold a parcel of shares for a $72 million profit. The Vanda shares soared three days running after Mr Fok, Hutchison's managing director, was named as head of the software developer. The stock has surged 86.9 per cent to close at $1.29 yesterday, its highest close since July 2001. The frenzy of trading has been linked to speculation that Hutchison may use Vanda as a vehicle for injecting assets, such as Hutchison Global Communications. Hutchison bought into the company on Wednesday by converting $198 million in convertible bonds into 659.89 million Vanda shares at 30 cents each, and then sold 90 million shares for $99 million. Hutchison's partner in the deal, DBS Private Equity, also cashed in, and pocketed $48 million. DBS sold 60 million of its 454.88 million Vanda shares that it had converted on Wednesday to raise $66 million. The shares bought on Wednesday were selling yesterday at $1.10, a 14.72 per cent discount on Vanda's last price of $1.29 before trading was suspended pending disclosure of the sales by two major shareholders to increase the company's public float. Hutchison's paper gain on its remaining 569.88 million Vanda shares was $564.2 million based on yesterday's closing price. Hutchison and DBS used Citigroup to sell the Vanda shares to meet the 25 per cent minimum public float requirement.