Stock News: FerroChina improve liquidity through sale of 54.6 mln shares!

FerroChina Ltd may move higher after its non-executive chairman Zhang Ye Dong sold 54.6 mln shares, equivalent to 16.35 pct stake in the company, at 0.82 sgd each to institutional investors. The sale is expected to improve liquidity for FerroChina as it gains steady following among institutional investors. "We welcome the vote of confidence in the management team and our business model from the institutional investors who have recognised the potential of the company going forward as it enters its next phase of growth, " FerroChina CEO She Chun Tai said. In a recent interview with XFN-Asia, FerroChina said it is planning to buy more Chinese steel mills to boost its capacity to as much as 2.5 mln tonnes from 700,000 tonnes currently.