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Goldman selling all stock in ICBC

Goldman selling all stock in ICBC

(22 May 2013 – China) Goldman Sachs has decided to sell the rest of its stake in Industrial and Commercial Bank of China (ICBC).

The shares, worth around US$1.1 billion (A$1.12 billion) will be sold by Goldman in the range of HK$5.47 to HK$5.50 (A$0.70 to A$0.71), a discount of 2.5 percent to 3.0 percent.

Goldman continues its move to exit the investment it made in ICBC seven years ago, first selling US$1 billion worth of shares in January and hoping to raise more than US$9.7 billion from selling all of its shares in ICBC.

Goldman made the investment into ICBC for 4.9 percent stake in 2006 before the bank's IPO in Hong Kong, and has since pared back on its investment.

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