LONDON (Reuters) – The biggest shareholder in Sainsbury’s, the Qatar Investment Authority (QIA), is selling 306 million pounds ($399 million) worth of shares in the British supermarket group.
According to regulatory filings, QIA offered 109.4 million shares at a price of 280 pence, about 5% of its holding.
Prior to the offer, QIA had a 14.2% stake in Sainsbury’s, according to LSEG data.
Shares in Sainsbury’s, which has an over 15% share of Britain’s grocery market, trailing only Tesco, have risen 12% over the last year. They closed Thursday at 288 pence.
($1 = 0.7664 pounds)
(Reporting by James Davey; editing by William James)
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