Shares in Lenovo dropped more than 5 percent Tuesday following news that IBM had sold off more of its stake in China’s largest PC maker for the second time this year.
The US computer company has been selling off its stake in Lenovo holdings periodically and in its newest divestment, IBM sold 116.19 million Lenovo shares or 1.3 per cent of Lenovo, at HKD5.61 a share. IBM had acquired the shares at HKD2.68.
As we reported earlier, it acquired Lenovo stock in 2005 when the Chinese computer maker bought IBM's personal computer arm for USD1.25 bn. It sold 7.5 per cent of its stock in February this year.
Media reports that IBM still has a 6.5 per cent stake in Lenovo.
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