Chairman buying on the way up in Miramar Hotel (71.HK), trades account for 24% of volume
Chairman & CEO Lee Ka Shing has been buying shares of property rental, hotels and serviced apartments, food and beverage producer and travel services provider Miramar Hotel & Investment (71.HK) [MKT CAP 9.4B] at progressively higher prices since September with 726,000 shares purchased from September 1 to October 3 at $13.66 to $15.44 each or an average of $14.43 each [AI SCORE 3.0; 3MTH +2%(42%)/6MTH +5%(80%) 241 BUYS-2015]. The trades, which accounted for 24% of the stock's trading volume, increased his holdings to 322.304 million shares or 46.53% of the issued capital. The Chairman recorded buys on 13 out of the 22 trading days during that period. He last bought 10,000 shares on October 3 at $15.43 each. Aside from his purchases since September, Mr. Lee acquired 899,000 shares from May 4 to 19 at an average of $14.22 each and 1.2 million shares from January 4 to April 28 at $13.20 to $14.24 each or an average of $13.65 each. Prior to his purchases this year, the Chairman acquired 7.2 million shares from July to December 2015 at $11.80 to $13.70 each or an average of $12.40 each and 30 million shares from September 2001 to October 2004 at $5.10 to $8.35 each or an average of $5.67 each. The Company announced on August 17 a 28.3% drop in 1H profit to $641.373 million for the 6 months to 30 June 2016. The stock closed at $16.02 on October 11 (Asia Insider News Oct 8, 2016).
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