IBM sells more Lenovo shares

IBM sold US$83.6 million worth of its Lenovo stock at a 6% discount to its last trading price, Reuters reported. The US computer company has been selling its Lenovo holdings periodically as lockup periods have lapsed. It acquired Lenovo stock in 2005 when the Chinese computer maker bought IBM’s personal computer arm for US$1.25 billion. The latest divestment saw IBM sell 116.19 million Lenovo shares, or 1.3% of Lenovo, at HK$5.61 (US$0.72) a share. IBM had acquired the shares at HK$2.68 (US$0.34). IBM still has a 6.5% stake in Lenovo. Lenovo’s share price dropped 0.5% yesterday, closing at HK$5.97(US$0.77), compared to a 2.17% increase in the benchmark Hang Seng Index.