Johannesburg - World number six gold miner Harmony Gold sold about 30 million of the Gold Fields (GFI) shares it bought as a result of its bid for Gold Fields, Harmony marketing director Ferdi Dippenaar confirmed on Friday.
As a result of its bid, Harmony bought a total of 56 606 482 or 11.5% of rival Gold Fields` shares.
The Gold Fields shares were sold at US$10.50 per share, Dippenaar added.
World number four gold miner Gold Fields (GFI) welcomed the move.
Gold Fields spokesperson Willie Jacobsz said: `We welcome the sale by Harmony. The fact that such a large bulk of Gold Fields shares were sold without much negative effect on Gold Fields` share price, shows the resilience of the stock`s share price,` Jacobsz added.
`The sale removes the perception of an overhang, with the market quite comfortably absorbing over half of Harmony`s stake in Gold Fields,` he said.
Harmony sold the shares on Thursday.
However, Gold Fields shares took a hammering in Friday morning trade.
At 10:05 on the JSE Securities Exchange Gold Fields fell 7.3% or R5.70 to R72.20.
`Gold Fields is down on the book build that Harmony did in New York on Thursday, when Harmony sold 30 million Gold Fields shares.
`The book build satisfied a lot of hedge funds and satisfied a lot of appetite for Gold Fields shares - there now could be an overhang in Gold Fields shares,` a Johannesburg broker said.
`The book build was completed at a substantial discount at $10.50 a Gold Fields share, which equates to a rand price of about R71.40, and compares with the Thursday JSE close of R77.90.
`Gold Fields shares have also been hit by profit taking,` he added.
At 10:10 Harmony shares were trading down 3.2% or 174c at R52.
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