Australian mining magnate Gina Rinehart increases stake in Fairfax Media

Sydney, June 18 (Xinhua-ANI): Australia's richest person Gina Rinehart has increased her stake in Fairfax Media to 18.67 percent with a recent purchase of more than 143 million shares, the mining magnate's company said in a notice to the Australian Securities Exchange (ASX) on Monday.

In the statement, Rinehart's Hancock Prospecting confirmed recent purchases had increased its stake in Fairfax from the previously advised 12.6 percent to 18.67 percent.

The confirmation follows Fairfax's announcement of 1,900 job cuts over the next three years as the Australian media company goes through "fundamental changes".

Fairfax said Monday that it would close its two printing facilities, change the format of its Sydney Morning Herald and The Age newspapers and introduce digital subscriptions for its newspapers.

It was reported that Rinehart had been seeking a position on the board of Fairfax since becoming its major shareholder at the beginning of 2012.

Fairfax shares have jumped more than 7 percent since the company announced its restructure plans Monday.

At 1503 local time, Fairfax shares were traded at a price of 0. 65 AU dollar (0.66 U.S. dollar), up 7.44 percent. (Xinhua-ANI)