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State Grid ICT Announces Controlling Shareholder Stake Increase; Shares Up 3%

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State Grid Information & Communication's (SHA:600131) controlling shareholder, State Grid Information & Telecommunication Industry Group, agreed to raise its stake in the company through a gratuitous share transfer, according to a Shanghai bourse filing on Saturday.

The electricity transmission company's shares rose nearly 3% during Monday's afternoon trade.

State Grid Sichuan Electric Power will transfer its 7.96% stake, or 95,385,704 shares, to State Grid ICT Industry Group.

After the transaction, State Grid ICT Industry Group's stake in the company will rise to 51.93% from 43.97%.

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