Industrial Equity Ltd., a Hong Kong investment company, has increased its Smith International Inc. holdings to 9.1% of the Newport Beach oil services and equipment company's common stock. Smith is operating under a Chapter 11 bankruptcy reorganization.
According to a document filed Thursday with the Securities and Exchange Commission, Industrial Equity paid $3.16 million to purchase 790,300 shares of Smith stock on the open market between Nov. 7 and 10.
In all, Industrial Equity has acquired nearly 2.1 million shares of Smith since October, making it Smith's second largest shareholder. Industrial Equity's stock purchases appear to be driving up the price of Smith's stock, which closed Thursday at $4.875 per share, up 62.5 cents, in active trading of 371,900 shares.