Platinum Increases Stake In BBMG

Platinum Investment Management Limited (Platinum) recently increased their stake in HK-listed BBMG Corporation (BBMG). According to a filing submitted to the Hong Kong Stock Exchange on August 15th, 2017, Platinum purchased 7,086,600 shares on the exchange at an average price of HKD 4.215 per share on August 10th (the total consideration was ~US$3.8m). Following the purchase, their stake in BBMG increased from 4.70% to 5.00% of the company’s shares outstanding.

BBMG is a cement producer and property developer headquartered in Beijing, China. The company describes itself as the largest cement manufacturer and supplier in the region covering Beijing, Tianjin and Hebei province. BBMG is majority-owned by the Beijing City Government and was listed on the Hong Kong Stock Exchange in 2009.

Platinum is an Australian based fund manager which specialises in investing in international equities. The firm was founded in 1994 by Kerr Neilson and currently manages ~A$23bn. Platinum is owned by Platinum Asset Management Limited, a company listed on the Australian Securities Exchange since May 2007.