Qatar Holding to sell up to 97.5m Sainsbury's shares.
Qatar Holding (QIA) - a subsidiary of the Qatar Investment Authority - is planning to sell up to 83.6 million shares in Sainsbury’s in a placing, according to a statement released by JPMorgan Securities on Tuesday.
Source: Sharecast
QIA is currently the biggest shareholder in the supermarket retailer, with a stake of about 10.5%.
JPMorgan also said it will sell about 14m additional shares through a concurrent placing to institutional investors, to hedge a derivative transaction. This takes the total placing to about 97.5m shares.
JPMorgan said the price per placing share and the final number of shares to be placed will be determined by way of an accelerated bookbuilding process to institutional investors.
Sainsbury's is not party to the placing and will not receive any proceeds.
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