Soros lifts GPG holding

Last updated 10:17 24/08/2012

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An investment fund run by US billionaire George Soros has emerged as a significant shareholder in NZX-listed GPG.

In a statement to the stock exchange this morning GPG said Soros Fund Management had taken its stake to 7.9 per cent, after acquiring more shares through its associated company Quantum Strategic Partners.

At current prices the stake has a market value of about $66 million.

The Soros announcement comes a day after Singaporean investor Tan Chin Tuan said it had sold out of GPG completely, after disposing of its remaining 5.4 per cent stake.

GPG is in the process of selling assets and returning cash to shareholders.

Its shares were trading around 52.5c yesterday, valuing the company at $851m.

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- © Fairfax NZ News

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