Andrew Forrest purchases $15m in Fortescue shares

Fortescue founder Andrew Forrest has increased his holding in the company from 32.46 per cent to 33.87 per cent with the purchase of $US10.6 million ($15 million) of stock.

This figure represented the purchase of around 3.95 million shares at an average price of $US2.69 ($3.80) per share.

Forrest purchased the additional shares on October 26, according to an ASX notice released by the company. The payment was attributed to Forrest as well as Forrest Family Investments (FFI) Group and Minderoo Group.

The reveal follows last month’s news that Fortescue was launching a 12-month shareholder buyback program worth up to $500 million.

Andrew Forrest was Fortescue’s first chairman. He was then the chief executive officer of the company before being succeeded by Nev Power in 2011.

The current CEO, Elizabeth Gaines, took over from Power in February 2018 and is the company’s third person to hold the position at the company since it was founded in 2003.

Forrest was also the recipient of the Liebherr Lifetime Achievement Award at the 2018 Australian Mining Prospect Awards held in Sydney last month.