PERTH (miningweekly.com) – The share price of oil and gas major Santos rose by more than 7% after shareholder Hony Capital increased its shareholding in the company overnight.
Santos on Friday confirmed that Hony had acquire an additional 40-million shares in Santos, priced at A$3.98 each, after the market closed on Thursday, increasing its shareholding in the oil and gas group from 2.25% to 3.2%.
Santos told shareholders that the acquisition price represented an 11% premium to the company’s closing price on November 10.
Santos shares traded at a high of A$3.89 apiece on Friday.