Forrest boosts FMG stake

ANDREW Forrest has spent A$15 million on Fortescue Metals Group stock, his first purchase in two years.

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Andrew Forrest

In a change of director's interest notice lodged on the ASX yesterday, it was revealed Forrest had acquired 3.95 million FMG shares for just over $15 million on-market last Friday.

The buy equates to an average purchase price of $3.79 per share, not far off the 27-month low of $3.53 reached in September.

It was the first purchase of FMG shares for Forrest since he spent $6.9 million on 1.32 million shares in November 2016.

The latest buy increases Forrest and his private entity, Minderoo Group's, stake in FMG from 32.46% to 33.87%.

"Fortescue is a strong and highly profitable business which is attractively valued at the current market price," Forrest said.

While FMG shares have rallied this week, its closing price of $4.11 yesterday is still we...