AAP reported that Fortescue Metals Group Ltd second largest shareholder China Hunan Valin Iron and Steel Group Company Ltd has offloaded some of its interest in the iron ore miner.

Fortescue recently advised the Australian stock exchange that Hunan Valin had sold 29 million shares in the Perth based firm worth USD 193.5 million.

This reduced its stake to 16.25% from 17.33% previously.

Fortescue largest shareholder is chief executive Mr Andrew Forrest who holds an interest of about 30%.

(Sourced from AAP)